all info is there

their own persenal use. The company uses a perpetuat imvenlory system. Selected transactions in the month of Decorrber follow: Requirement 1. Prepare the journal enthes lo record the transactions shown. Omit explanations. (Record debits first, then codits. Explanations are not required. For utuabons that do not require an entry, make sure to select "No entry roquired" in the first cell in the "Acoounts" column and laavo at chat felds blank.) Dee 1: Hil sold 14 go-karts on accounk, The selling price of each go-kart was $1,200, the cost of goods sold for each was $700. Do nct record the cost reased to the sale. Wo wil do this in the next pournal entry More info that it is reasonably possidie that Hill will lose the case, Dut the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Hill performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Hill's cost of the repairs, paid in cash, was $900. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Hill Go-Kart and is seeking $490,000 in damages. Hill's attorney believes the case is frivolous because it does not have any legal merit. December 27 Another customer is suing Hill for $150,000 because a defect in the customer's Hill Go-Kart engine started a fire and destroyed the customer's garage. Hill's attorney believes the customer will probably win the case and receive $150,000. (Use the following account names: Loss from Lawsbit and Accrued Liability from Lawsuit.) December 31 Hill estimates that the warranty expense is 5% of gross sales. Hill's gross sales for the period totaled $790,000. More info Requirements 1. Prepare the joumal entries to record the transactions shown. Omi explanations. 2 Doscribe how each of the comingont linblities in the selected Docentioer transactions would be treatod in Hars finarcial stabements for 2022 December 1 Hill sold 14 go-karts on account. The selling price of each gotart was $1,200. the cost of goods solid for eoch was $700. December 5 Hil received notice of a class-action lawsut teping filed apainst it The lawsut claims that firfs go-karts havo engine defects that apposar after the warranty period expires. The plaintifts want Hil to replace the defective engines and pay Jamages for the owroer' loss of use. The cost of roplacing the engines would tee approvinatoly $335,000 (not including arry damages). Hirs attorney believes that if is reasonstily possible that Hill will lose the case, but the atborney carnat provide a dolla estimate of the petential loss amount. December 20 Hit performed repairs due to product wamanfy complainta for two go-karts sold eavier in the year. Heifs cont of the repairs. paid in cash, was $900. December 22 An indvidual claims that he sufforod emotional distress from a high-soeod tide the case is frivolous because fidoes not have ary legai thent