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Required information E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet [LO 2-1, Lo 2-2, LO 2-5] Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de- motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. a Received $39,000 cash from the investors who organized Down, Inc. b. Borrowed $18,000 cash and signed a note due in two years c. Ordered equipment costing $21,0o0. 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 (c), paid for half of it, and put the rest on account. E2-11 Part 3 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. DOWN.INC Balance Sheet At May 31 Assets Liabilities Current Liabilities $ 39,000 Notes Payable (short-term) Accounts Payable Current Assets Cash 39,000 Total Assets 0 39,000 $