Recording a journal Entry and preparing a classified balance

Recording a journal Entry and preparing a classified balance sheet. What I have already is correct but I am unsure what I am missing. Thanks!

E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet [LO 2-1, LO 2-3, LO 2-5 Assume Down.com was organized on May 1, to compete with Despair.com-a company that sells de- motivational posters and office products. The following events occurred during the first month of Down.com\'s operations. a. Received $48,000 cash from the investors who organized Down.com Corporation. b. Borrowed $15,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $6,000 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.

Solution

BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT FIXED ASSETS CURRENT LIABILITIES AMOUNT Equipment $                    22,000 Account Payable $                          8,000 TOTAL FIXED ASSETS (A) TOTAL CURRENT LIABILITIES CURRENT ASSETS Long Term Debt Cash $                    51,000 Not Payable $                       17,000 TOTAL LIABILITIES (A) $                       25,000 TOTAL CURRENT ASSETS(b) OWNER\'S EQUITY Common Stock $                       48,000 Retained Earning TOTAL OWNER\'S EQUITY (B) $                       48,000 TOTAL ASSETS (A + B) $                    73,000 TOTAL LIABILITIES AND OWNERS EQUITY (A +B) $                       73,000 Working Notes : Cash = Share Capital = $                       48,000 Issue of Share Capital $                    48,000 Borrowed Cash $                    15,000 Less: Paid in cash for Equipment $                    -4,000 Less: Paid in cash half $                    -8,000 $                    51,000 Note Account Equipment Account Note = $                    15,000 Equipment Purchase= $                          6,000 Note against plant in $ 6,000 $                      2,000 Equipment Purchase= $                       16,000 $                    17,000 $                       22,000 Account Payable agaisnt Equipment = $                      8,000