A contingent liability that will probably become an actual liability, and can be reasonably estimated, must be recorded as an expense and a liability. Sales revenue for a sporting goods store amounted to $525,000 for the current period. All sales are on account and are subject to a sales tax of 9%. Which of the following would be included in the journal entry to record the sales? If a long-term liability is paid in installments; the maker will report the current portion of the note payable as a current liability. Select one: True False A contingent liability that will probably become an actual liability, and can be reasonably estimated, must be recorded as an expense and a liability. Select one: True O False Estimated Warranty Payable would be included in the liability section of the balance sheet. Select one: True False A debit to Warranty Expense is included in the entry to record accrual of warranty expense. Select one: True False Notes payable are considered long- term debts, usually involving interest, if they are to be paid within one year or less. Select one: True False