Giancarlo Stanton Inc. is involved in a lawsuit. The liability that could arise as a result of this lawsuit should be recorded on the books if the probability of Stanton owing money as a result of the lawsuit is: O A) Probable and the amount is not reasonably estimable. O B) Reasonably possible and the amount is reasonably estimable. OC) Remote and the amount is reasonably estimable. O D) Probable and the amount is reasonably estimable, After preparing a bank reconciliation, a check outstanding for the payment of advertising would be recorded with a: O A) Debit to Advertising Expense. OB) Credit to Advertising Expense. C) Debit to Cash. OD) No entry is needed. A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance? O A) Credit Additional Paid-In Capital $4,000. O B) Credit Preferred Stock $5,000. OC) Debit Preferred Stock $5,000. OD) Credit Cash $5,000. The principal objective(s) of financial accounting is(are) to: OA) Measure and record business transactions. O B) Measure and communicate financial information to external parties. O C) Communicate financial results to investors and creditors. D) Analyze a company's liquidity