Consider the following situations and determine $(1)$ which type of liability should be recognized $($specific account$),$ and $(2)$ how much should be recognized in the current period $($year$).$

A business sets up a line of credit with a supplier. The company purchases $$10,000$ worth of equipment on credit. Terms of purchase are $5/10,$ n$/30.$

Type of Liability Blank $1$Amount Recognized in Current Period Blank $2$

A customer purchases a watering hose for $$25.$ The sales tax rate is $5\%.$

Type of Liability Blank $3$Amount Recognized in Current Period Blank $4$

Customers pay in advance for season tickets to a soccer game. There are fourteen customers, each paying $$250$ per season ticket. Each customer purchased two season tickets.

Type of Liability Blank $5$Amount Recognized in Current Period Blank $6$