Below is a list of Balance Sheet classifications: a current assets b property, plant, and equipment c intangible assets d current liabilities e noncurrent liabilities f capital stock For each of the following items, use one of the letters above to show how the item would be classified on the balance sheet: preferred stock goodwill salaries and wages payable accounts payable buildings patents allowance for uncollectible accounts accounts receivable notes payable (due next year) supplies common stock land inventory prepaid insurance bonds payable income taxes payable The following is the adjusted trial balance. Prepare the closing entries. ACCOUNT DR CR Cash 30,500 Accounts Receivable 28,000 Prepaid Insurance 1,700 Accounts Payable 5,200 Notes payable 6,000 Taxes Payable 3,500 Interest Payable 500 Rent Revenue 36,500 Interest Expense 800 Insurance Expense 900 Salaries and Wage Expense 14,800 Common Stock 25,000 Retained Earnings Total 76,700 76,700