Check my work 11 Required information Assume Down, Inc., was organized May 1 to compete with Despair, Inc.-a company that sells de motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. Part 1 of 3 1 points a. Received $49,000 cash from the investors who organized Down, Inc. b. Borrowed $16,000 cash and signed a note due in two years. c. Ordered equipment costing $17.000 d. Purchased $7,000 in equipment, paying $4,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (d. paid for half of it, and put the rest on account. Hint Required: 1. Summarize the financial effects of items ()-le) in a table. (Enter any decreases to account balances with a minus sign.) Assets Liabilities ST Notes Payable 0 References Stockholders Equity Common Stock 0 Accounts Payable Cash Equipment 0 LT Notes Payable 0 Bog 0 b d. End