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please answer carefully and quickly and show work please because any little thing wrong can cause the whole thing to be wrong Required information E2-11
please answer carefully and quickly and show work please because any little thing wrong can cause the whole thing to be wrong
Required information E2-11 (Algo) Recording Journal Entries and Preparing a Classified Balance Sheet [LO 2-1, LO 2-2, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de. motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $33,000 cash from the investors who organized Down, Incorporated b. Borrowed $18,000 cash and signed a note due in two years. c. Ordered equipment costing $15,000. d. Purchased $9,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Recelved the equipment ordered in (c). paid for half of it, and put the rest on account. E2-11 (Algo) Part 3 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero Step by Step Solution
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