Required information Assume Down, Inc., was organized on 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. a. Received $41,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $23,000. d. Purchased $11,000 in equipment, paying $3,000 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. Summarize the financial effects of Items (0)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Assets Cash Equipment Accounts Payable 0 Liabilities ST Notes Payable 0 LT Notos Payable 0 Beg 0 0 23,000 11,000 Stockholders Equity Common Stock 0 41,000 20,000 (3.000) (11,500) 46,500 b 34,000 C. d 46,500 End. 80,500