Assume Downer.com was organized on May 1, to compete with Despair. Inca company that sells de motivational posters and office products. The following events occurred during the first month of Downet.com's operations. a. Received $82.000 cash from the investors who organized Downer.com Corporation b. Borrowed $29.000 cash and signed a note due in two years. c. Ordered computer equipment costing $19.000, d. Purchased $12,000 in equipment, paying $3,800 in cash and signing a six month note for the balance e. Received the equipment ordered in (paid for half of it, and put the rest on account Required: 1. For each of the events (a) through (e), perform transaction analysis and indicate the amount of effect on the accounting equation, (Enter any decreases to account balances with a minus sign.) Assets Equipment Liabilities ST Notes Payable Shareholders Equity Contributed Capital LT Notes Payable Accounts Payable Cash Beg 82000 8 20.000 82,000 20.000 b C 8.200 d (3 800) (8,500) 89,700 12.000 19,000 31.000 8,500 8,500 82000 20.000 e 8.200 End. 2. 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.) View transaction list Journal entry worksheet 3. Prepare a classified balance sheet at May 31. Include retained earnings with a balance of zero. DOWNER.COM Balance Sheet At May 31 Assets Liabilities Current liabilities Current assets 0 0 Total current liabilities Total current assets Noncurrent assets 0 Total Liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities & shareholders' equity $ 0 $ 0 Total assets