E2-3 (Static) Classifying Accounts and Their Usual Balances LO2-1, 2-2, 2-4 As described in a recent annual report, Verizon Communications provides wireless voice and data services across one of the most extensive wireless networks in the United States. Verizon now serves more than 100 million customers, making it the largest wireless service provider in the United States in terms of the total number of customers. The following are accounts from a recent balance sheet for Verizon: Required: For each account, select whether the account is usually classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE) item and whether the account usually has a debit or credit balance. Account Balance Sheet Classification Debit or Credit Balance Debit (1) Accounts Receivable Credit Debit (2) Retained Earnings (3) Accrued Expenses Payable (4) Prepaid Expenses (5) Common Stock (6) Long-Term Investments (7) Plant, Property, and Equipment (8) Accounts Payable (9) Short-Term Investments (10) Long-Term Debt Debit Debit CL Credit CA Debit Credit