The following information applies to the questions displayed below.
Assume Down, Incorporated, was organized on May to compete with Despair, Incorporateda company that sells demotivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.
a Received $ cash from the investors who organized Down, Incorporated
b Borrowed $ cash and signed a note due in two years.
c Ordered equipment costing $
d Purchased $ in equipment, paying $ in cash and signing a sixmonth note for the balance.
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 Include Retained Earnings with a balance of zero.
Answer is not complete.
