Required information E2-11 (Algo) Recording Journal Entries and Preparing a Classified Balance Sheet (LO 2-1, LO 2-2, LO 2-4, LO 2-5) [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 de motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $44,000 cash from the investors who organized Down, Incorporated b. Borrowed $17,000 cash and signed a note due in two years, c. Ordered equipment costing $12,000. d. Purchased $8,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (.paid for half of it, and put the rest on account E2-11 (Algo) Part 3 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. DOWN.INCORPORATED Balance Sheet 0 0 0 4 Prev of 4 !!! Next