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

Question

Brief Exercise 13-10 Flint Inc. is involved in a lawsuit at December 31, 2017. Prepare the December 31 entry assuming it is probable that Flint will be liable for $966,200 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 Prepare the December 31 entry, if any, assuming it is not probable that Flint will 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.) Date Account Titles and Explanation Debit Credit December 31, 2017

Explanation / Answer

a Lawsuit Loss 966200        Lawsuit Liability 966200 b No Entry 0      No Entry 0

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