PROBLEM 1-CLASSIFICATION OF ACCOUNTS-30% 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 For Answers Item Balance Asset debit Scorin 0. Accounts Receivable ..... 1. Notes Payable ................ 2. Alex Small Member Equity 3. Burt Smith, Capital 4. Alex Small, Drawing........... 5. Fees Earned 6. Burt Smith, Drawing ............ ACCUUNTO A. Cash B. Accounts Receivable C. Merchandise Inventory D. Bill Cody, Capital E Charles Smith, Capital F. Henry Taylor, Member Equity G. Bill Cody Drawing H. Income Summary 1. Dennis Rack, Capital J. Ernie Sloan, Capital K. Fred Warren, Member Equity L. George Adams, Member Equity M. Charles Smith, Drawing For For Scoring Credit Scoring Debit TRANSACTIONS 0. Purchased inventory $10,000. paid cash 1-2. Charles Smith contributed $10,000 cash to the partnership of Smith, Rack, and Sloan. 3-4. Henry Taylor contributed accounts receivable worth $15,000 to TWA LLC 5-6. Charles Smith received his annual salary of $25,000 from Smith, Rack, and Sloan .......... 7-8. Dennis Rack sold his partnership interest to Ernie Sloan (the partnership was not effected) 9-10. George Adams purchased Fred Warren's interest in TWA LLC from Fred Warren ....... 11-12. Smith, Rack, and Sloan distributed this year's profit to Charles Smith. Smith's share of the profit was $10,000