Assume Downer.com was organized on May 1, to compete with Despair, inca company that sells demotivational posters and office products. The following events occurred during the first month of Downer.com's operations a Received $89,000 cash from the investors who organized Downer.com Corporation b Borrowed $25,500 cash and signed a note due in two years c Ordered computer equipment costing $12,000 d. Purchased $8.500 in equipment, paying $3,100 in cash and signing a six-month note for the balance e Received the equipment ordered in 19. paid for half of it and put the rest on account Required: 1. For each of the events 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) Cash Equipment Accounts Payable ST Notes Payable Shareholders Equity Contributed Capital Beg Payable b d 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.) Prey 1 of 5 Nad > DOLL View general journal 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 Current assets Liabilities Current abilities Total current assets Noncurrent assets 0 Total current abilities Total Liabetes Shareholders equity Total assets Total shareholders equity Total & shareholders uity 0 $ 0 0 Prow 1 of 5 !! Next > mo OS DELL