Question: Question 3 [5 points] The following items might appear on the balance sheet of a corporation that has a two-month operating cycle. Classify each item

Question 3 [5 points] The following items might appear on the

Question 3 [5 points] The following items might appear on the balance sheet of a corporation that has a two-month operating cycle. Classify each item as either current liability, long-term liability, or not a liability. (a) Notes payable (due in 21 months). (b) Notes payable (due in 3 years). (c) Notes receivable in 90 days. (d) Rent receivable (e) Notes payable (due in 3 months). (Select One) (Select One) (Select One) (Select One) (Select One)

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