Brief Exercise 13-10 Swifty Inc. is involved in a lawsuit at December 31, 2017 P

Question

Brief Exercise 13-10 Swifty Inc. is involved in a lawsuit at December 31, 2017 Prepare the December 31 entry assuming it is probable that Swifty will be liable for $932,100 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 SHO LISIr LINK TO TEXT Prepare the December 31 entry, if any, assuming it is not probable that Swifty vwill be liable for any payment as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Account Titles and Explanation Debit Credit December 31, 2017 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

a. Date Description Debit Credit December 31, 2017 Lawsuit Loss $ 9,32,100 Lawsuit Liability $ 9,32,100 (Being Liabity for Lawsuit recorded) Date Description Debit Credit b. December 31, 2017 No Entry 0 No Entry 0

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