Problems - Work the following parts either by completing the answers on this document or else by using Excel. Be sure to show your work! Classifications: Part 1 For each of the following accounts, state (a) the specific type of account (asset, liability, revenue, etc.) and (b) c# normal balance - debit or credit Type of Account Normal Balance (asset, liab, etc.) debit or credit 1 cost of goods sold 2 dividends (declared) 3 accumulated depreciation 4 common stock 5 unearned rent revenue 6 dividends payable 7 interest earned 8 depreciation for the current year 9 accounts receivable 10 inventory 11 prepaid (unexpired) insurance 12 note receivable 13 retained earnings 14 investments 15 loss on sale of equipment ??? ?? ?? ?? ?? ?? ?? ?? Classifications: Part II For each of the following, state the impact on net income (in the current month) under the accrual method (increase, decrease, or no effect) Impact on Net Income 1 performed legal services for a client (to be collected next month) 2 collected cash from a customer (related to last month's sale) 3 borrowed money from the bank 4 collected a cash down payment for services to be provided next month 5 sold inventory for more than its cost 6 sold land for less than the recorded value 7 recorded depreciation for the month 8 purchased a building by signing a mortgage payable 9 accrued salaries for time worked this month, but not yet paid 10 paid previously declared dividends 11 declared dividends to be paid next month 12 issued common stock for cash