1:36 PM Mon Jul 1 LTE 47 % D uapb.blackboard.com A contingent liability is recorded in the accounting records 7. (2 Pt) a.Jif the contingency has not been described already in the notes to the financial statements b. if it possibly will become an actual liability and the exact amount is known c.under no circumstances |d.if it probably will become an actual liability and the amount can be reasonably estimated. 8. During May, Photo Mart sold 150 instant cameras for S100 each. Each camera had Mart S54 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over warranty period and two actually are replaced during May, entry to record estimated product w expense would be (3 Pt) a. |Product Warranty Expense Estimated Product Warranty Liability 600 600 b.Product Warranty Expense 324 Cash 324 c. Product Warranty Expense Estimated Product Warranty Liability 324 324 |d.Estimated Product Warranty Liability 600 Cash 600 9 A partner will not bind the partnership to an outside purchase contract when the (2 Pt) a. the item purchased is considered immaterial in amount b.item purchased is not within the normal scope of the business |c. |partner was not authorized by the other partners to make the purchase| d.partner who made the purchase withdraws from the partnership