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 $39,000 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 $21,000 d. Purchased $9,000 in equipment paying $3,000 in cash and signing a six month note for the balance e Received the equipment ordered in a paid for half of it, and put the rest on account 2. Prepare Journal entries for each transaction (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Credit 1 Cash Common Stock Debit 39,000