Your essay must include an introduction, body, and conclusion, and address all relevant parts of each question. Your response should be 300 to 400 words in length. Make sure to cite any references you use. Proper citation format for a reference includes the name of the author(s), the title of the work, the date of the publication, and the page number.

Liabilities

Explain the concepts of current and long-term liabilities and give a total of at least five examples of both current and long-term liabilities (10 total) consisting of the definition and an example transaction to record the journal entries.