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2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Reqt the first account field.) Journal entry worksheet Journal entry worksheet Received the equipment ordered in (c), paid for half of it, and put the rest on account. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Purchased $11,000 in equipment, paying $4,000 in cash and signing a sixmonth note for the balance. Record the transaction. Note: Enter debits before credits. [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 demotivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Recelved $47,000 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 $15,000, d. Purchased $11,000 in equipment, paying $4,000 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. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Journal entry worksheet 1 5 Ordered equipment costing $15,000. Record the transaction. Note: Enter debits before credits: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry the first account field.) Journal entry worksheet Borrowed $20,000 cash and signed a note due in two years. Record the transaction: Note: Enter debits before credits

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