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1. Categorize the following accounts as Current Liabilities or Long-term Labilities: 2. Why do we categorize liabilities on the Balance Sheet? 3. A business takes

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1. Categorize the following accounts as Current Liabilities or Long-term Labilities: 2. Why do we categorize liabilities on the Balance Sheet? 3. A business takes out a 5 year loan for $50,000 with payments due of $10,000 each year. Journalize the Current Portion of Long-term Debt

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