1. Name the 3 types of businesses discussed in class based on the description below: - Type of business where your sales / fees or revenues is generated by your expertise. - Type of business where your sales are generated by buying products and re-selling them to businesses or consumers. - Type of business where your sales are generated by assembly of Raw Materials. 2. Name the following BUSINESS ENTITIES based on the characteristics described. -- LLC (What do these letters stand for?) - shareholders -2 or more owners -one owner. - 3. Please indicate whether the following Financial Statement(s) are covered over a "PERIOD OF TIME (POT) or "SNAP SHOT (SS) - CIRCLE ONE? A) BALANCE SHEET - POT / SS B) INCOME STATEMENT - POT / SS C) STATEMENT OF OWNER'S EQUITY - POT / SS - 4. Please list next to the following categories of accounts whether they have a normal "DEBIT" OR "CREDIT" BALANCE. EXPENSES ASSETS WITHDRAWALS OWNERS EQUITY LIABILITIES REVENUES / SALES 5. ABC Company paid $9,000 on January 1, 2021 for their annual insurance premium for business liability insurance. At the end of October, there was $2,250 in the Prepaid Insurance account. What journal entry needs to be