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[The following information applies to the questions displayed below.] Assume Down, Incorporated, was...

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Accounting

[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. Received $46,000 cash from the investors who organized Down, Incorporated
b. Borrowed $19,000 cash and signed a note due in two years.
c. Ordered equipment costing $14,000.
d. Purchased $10,000 in equipment, paying $4,000 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.
3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero.
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