INSTRUCTIONS: Identify each of the items listed below as an asset, liability, partnership or LLC equity, revenue, or expense, and indicate the normal balance of each account. Item Balance 0. Accounts Receivable Asset debit 1. Notes Payable 2. Alex Small, Member Equity 3. Burt Smith, Capital 4. Alex Small, Drawing 5. Fees Earned 6. Burt Smith, Drawing PROBLEM 2ANALYSIS OF PARTNERSHIP AND LLC TRANSACTIONS INSTRUCTIONS: Selected partnership and LLC transactions are listed below. For each transaction, indicate the account(s) to be debited and credited by inserting in the appropriate column the letter(s) that correspond to the accounts listed below. (Do not record amounts.) ACCOUNTS A. Cash H. Income Summary B. Accounts Receivable I. Dennis Rack, Capital C. Merchandise Inventory J. Ernie Sloan, Capital D. Bill Cody, Capital K. Fred Warren, Member Equity E. Charles Smith, Capital L. George Adams, Member Equity F. Henry Taylor, Member Equity M. Charles Smith, Drawing G. Bill Cody, Drawing For For TRANSACTIONS Debit Scoring Credit Scoring 0. Purchased inventory $10,000, paid cash 1 Charles Smith contributed $10,000 cash to the partnership of Smith, Rack, and Sloan. 2.Henry Taylor contributed accounts receivable worth $15,000 to TWA LLC. 3. Charles Smith received his annual salary of $25,000 from Smith, Rack, and Sloan 4.Dennis Rack sold his partnership interest to Ernie Sloan (the partnership was not effected) 5 George Adams purchased Fred Warrens interest in TWA LLC from Fred Warren 6 Smith, Rack, and Sloan distributed this years profit to Charles Smith. Smiths share of the profit was $10,000