Assume Downer.com was organized on May 1, to compete with Despair, Inc.a company that sells de-motivational posters and office products. The following events occurred during the first month of Downer.coms operations.

a. Received $70,000 cash from the investors who organized Downer.com Corporation.

b. Borrowed $25,000 cash and signed a note due in two years.

c. Ordered computer equipment costing $18,500.

d. Purchased $11,500 in equipment, paying $3,000 in cash and signing a six-month note for the balance.

e. Received the equipment ordered in (c), paid for half of it, and put the rest on account.

Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction	General Journal	Debit	Credit