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 Amount Recognized in Current Period A customer purchases a watering hose for $25. The sales tax rate is 5%. Type of Liability Amount Recognized in Current Period 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 Amount Recognized in Current Period