Assume Snowbird Corporation was organized on May $1,$ to compete with Summer Vacations Inc.$$a company that sells motivational posters and office products. The following events occurred during the first month of Snowbird Corporation$$s operations.

a$.$ Received $$78,000$ cash from the investors who organized Snowbird Corporation

b$.$Borrowed $$29,000$ cash and signed a note due in two years.

c$.$Ordered computer equipment costing $$20,500.$

d$.$Purchased $$13,500$ in equipment, paying $$3,800$ 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.

Requirement $1$: 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 $=$ Liabilities$+$ Shareholders$$ Equity

Requirement $2$: Prepare journal entries for each transaction. $($If no entry is required for a transaction$/$event$,$ write $"$No Journal Entry Required".$)$

Requirement $3$: Prepare a classified balance sheet at May $31.$ Include retained earnings with a balance of zero.