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please help ASAP Assume Downer.com was organized on May 1, to compete with Despair, Inc-a company that sells de-motivational posters and office products. The following
please help ASAP
Assume Downer.com was organized on May 1, to compete with Despair, Inc-a company that sells de-motivational posters and office products. The following events occurred during the first month of Downercom's operations. a. Received $60,000 cash from the investors who organized Downer.com Corporation. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered computer equipment costing $16,000. d. Purchased $9,000 in equipment, paying $2,000 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. Required: 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.) 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select Required" in the first account field.) Journal entry worksheet Recelved $60,000 cash from the investors who organized Downer.com Corporation. Note: Enter debits before credits, 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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