3. Listed below are several terms and phrases associated with current liabilities. Pair each item in the first column (by number) with the item in the second column that is most appropriately associated with it.

1. Debt that will be paid within the next year. 2. A liability that requires the sacrifice of something other than cash. 3. Loss is probable and can be reasonably estimated.

4. A written promise to repay the amount borrowed plus interest. 5. Loss is reasonably possible and can be reasonably estimated.

Notes payable ____

Disclosure of a contingent liability ____

Current portion of long-term debt ____

Recording a contingent liability ____

Unearned revenues ____