Required information

E$2-11($Algo$)$ Recording Journal Entries and Preparing a Classified Balance Sheet $[$LO $2-1,$

LO $2-2,$ LO $2-3,$ LO $2-4]$

$[$The following information applies to the questions displayed below.$]$

Assume Looking Up Corporation, was organized on May $1$ to compete with Melancholy, Incorporated

$-$a company that sells de$-$motivational posters and office products. Looking Up Corporation,

encountered the following events during its first month of operations.

a$.$ Received $$30,000$ cash from the investors who organized Looking Up Corporation.

b$.$ Borrowed $$15,000$ cash and signed a note due in two years.

c$.$ Ordered equipment costing $$12,000.$

d$.$ Purchased $$6,000$ in equipment, paying $$2,000$ 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.

E$2-11($Algo$)$ Part $1$

Required: $$

Summarize the financial effects of items $($a$)-($e$)$ in a table.

Note: Enter any decreases to account balances with a minus sign.