Classify each of the following accounts by writing the appropriate capital letter on the blank line. A - Asset L - Liability O - Owner's equity R - Revenue M - Cost of Goods Sold E - Expense ___ cash _____ Accounts Receivable _____ Accounts Payable ___ Purchases ______Sales _______ Prepaid Insurance _____ Miscellaneous Expense ________ Sales Tax Payable _________ Purchases Returns and Allowances _______Sales Discount Complete the following statements by placing the letter of the one best answer on the blank line. ________ A business that has the legal rights of a person and is owned by many persons is called A. a proprietorship. B. a partnership. C. a corporation. D. none of these. Which of the following statements regarding the purchase account is true? A. Items such as store supplies are recorded in the purchases account. B. The purchase account has a normal debit balance. C. The purchase account is classified as revenue. D. All of these are true