Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All 4 transactions please. Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1.

image text in transcribed

image text in transcribed

All 4 transactions please.

Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.22 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.02 to $1.22 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.22 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.22 million, Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet 1 2 3 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View geng Pacific Cruise Lines is a defendant in litigation involving a swimming acciden on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amo is $1.22 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.02 to $1.22 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.22 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.22 million. Record the necessary entry for the scenarios given above (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) View transaction list EX Record the contingent liability if needed. 2 Record the contingent liability if needed. 3 Record the contingent liability if needed. 4 Record the contingent liability if needed. Cr

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions