The following are the typical classifications used in a balance sheet:

a. Current assetsf. Current liabilities

b. Investments and fundsg. Long-term liabilities

c. Property, plant, and equipmenth.Paid-in-capital

d. Intangible assetsi. Retained earnings

e. Other assetsj.Not reported in the balance sheet

Required:

For each of the following balance sheet items, use the letters above to indicate the appropriate classification category.If the item is a contra account (valuation account), place a minus sign before the chosen letter.

1.Cost of goods sold 6.Inventories

2.Accrued interest payable 7.Copyright

3.Allowance for uncollectible accounts 8.Land, in use

4.Rent revenue collected in advance 9.Common stock

5.Note payable, due in 6 months10.Salaries payable