Required Information E2-11 (Static) 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 $60,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered 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 (e. paid for half of it, and put the rest on account. E2-11 (Static Part? ework Problems Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It doe , : Required Information Answer is not complete. No Credit Transaction Gonoral Journal Dobit 60,000 1 a Cash 2 b 20,000 Cash Notes Payable (long-term) 20,000 3 16,000 Equipment Cash -16,000 4 d 9,000 Equipment Cash Notes Payable (short-term) -2,000 7,000 5 Cash 0 CH 1 Business D...pptx