The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or N if it is not a liability Classification Item 1. Notes payable (due in 13 to 24 months). 2 Notes payable (due in 6 to 12 months). 3 Notes payable (mature in five years) 4 Current portion of long-term debl. 5 Notes payable (due in 120 days) 6 FUTA taxes payable 7 Accounts receivable 8 Sales taxes payable 9 Salaries payable 10 Wages payable