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help please? Assume Down, incoporated, was organized on Moy 1 to compete with Despair, Incorporated-a company that sefls demotvanonal posters and office products. Down, incorporated,
help please?
Assume Down, incoporated, was organized on Moy 1 to compete with Despair, Incorporated-a company that sefls demotvanonal posters and office products. Down, incorporated, encourtered the following events during its first month of operations: a. Recelved $40,000 cash from the irvestors who organized Down, incorporated b. Bortowed $19,000 cash and signed a note due in two years c Ordered equipment costing $22,000. d. Purchased $10,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (Q. pald for half of it, and put the rest on account. Required: 1. Summarize the financlal effects of items a fa)-fefin a table. (Enter any decreases to account balances with a minus slgn.) Step by Step Solution
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