Help Se The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, Lif it is a long-term liability, or Nif it is not a liability 1. Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months) 3. Notes payable (mature in five years) 4. Current portion of long-term debt 5. Notes payable (due in 120 days) 6. FUTA taxes payable. 7. Accounts receivable 8. Sales taxes payable. 9. Salaries payable 10. Wages payable. 1. On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 cash On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions View transaction list Journal entry worksheet 2 3 4 5 Record the entry for cash sales and its sales taxes