To Go Kartssel motored go-karts. Tripp Go Karts are motorized and are typically purchased by amusement parts and other recreationales. Dute occasionally purchased by individuals for their own personal use. The company uses a perpetual inventory system. Selected transactions in the month of December follow Click the icon to view the actions) Read the recreers Requirement 1. Prepare the journal entries to record the transactions shown. Omit explanations. Recordobesti, the credits nations we not required. For stations that do not require an entry, make sure to selectory required in the first in the court column and have all other celsink.) Dec 1: Topp sold 13 gokarts on account. The selling price of each gokart was $1,000, the cost of goede said for each was $550 Do not record the contrated to the We will do this in the naturalny Journal Entry Accounts De Credit Dec Nos recorded to move Jounalny Account Det Credit Choose from any of ternyumber in the inputs and then continue to the next question Trop G Kartssels motorized gokarts. Trice Go Karts are motorized and are typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for their owners. In as a perpetual inventory wystem Selected transactions in the month of December flow Click the icon to view the transactions) Read the requirements Dec 5: Tripp received notice of a class-action lawsuit being fled against it. The lawsuit claims that Tipps sants have engine defects that appear after the warranty period expires. The plaintifswart Trip to replace the detective engines ar pay damages for the owner loss of use. The cost of replacing the engines would be approximately $115.000 not including ary damages). Tripp's attorney beleves that it is reasonably possible that Trop wil lose the case, but the attomey cannot provide a dolar estimate of the potential loss o Journal Entry Date Accounts Credit Dec 5 Dec 20 The permis due to product way comparisolwe go karts soldater in the years of the repairs, padina was 1000 Journal Entry Date Accounts Det Credit Der Choose from any list of enter any number in the gods and then continue to the next Tripe Go Kartssels motorized os kans Trio Go-Karts are motorized and we typically purchased by amusement parks and other recreation facilities, but are also occasionally purchased by individuals for the own personal use. The company uses a perpetual inventory system. Selected transactions in the month of December folow Click the icon to view the transactions.) Read the requirements Dec 22. An individual claims that he suffered emotional distress from a high-speed ride on a Tripo Go Kart and is seeking $530,000 in damages. Trpp's attomey believes the case is frivolous because it does not have any lega merit Journal Entry Date Accounts Debe Credit Dec 22 Dec 27. Another customer is sung Tripp for $170,000 se a defect in the customer's Triop Go-Kart engine started are and destroyed the customer's garage. Trops attomey believes the customer will probably win the case and receive $170,000. Use the following accountnames: Loss from Lawsuit and Accrued Liability from Lawit) Journal Entry Accounts Dute Dec Debut Cred Choose from any lot or enter any number in the input folds and then continue to the next question Read the requirements Dec 31: Tripp estimates that the warranty expense is 3% of gross sales Tripp's gross sales for the period totaled $790,000 Journal Entry Date Accounts Debit Credit Deo 31 Requirement 2. Describe how each of the contingent tables in the weched December actions would be treated in Tripe's financial statements for 2019. (Select our answers) CA Dec 27 ansaction will be reported as a listy on the balance sheet and a boss on the come tent Transaction will also be footnoted B. Dec 22 ansaction will not be fooled because it is unlikely to be a loss c. Dec 31 ansaction will be reported as a labrity on the balance sheet and an expense on the income statement Transaction will not be footnoted since it is recorded on the financial statements D. Det action will be reported as a liability on the balance sheet and an expense on the income statement Transaction will also be footnoted LE Det action will be forced as a contingent habity Choose from a list of enter any number in the input fields and then continue to the next question Requirement 2. Describe how each of the contingent liabilities in the selected December transactions would be treated in Tripp's financial statements for 2019. (Select four answers.) U A Dec 27 transaction will be reported as a liability on the balance sheet and a loss on the income statement Transaction will also be footnoted. OB. Dec 22 transaction will not be footnoted because it is unlikely to be a los c. Dec 31 transaction will be reported as a lability on the balance sheet and an expense on the income statement Transaction will not be footnoted since it is recorded on the financial statements D. Dec 5 transaction will be reported as a bility on the balance sheet and an expense on the income statement Transaction will also be footnoted E Deo transaction will be footnoted as a contingent liability OF. Dec 27 transaction will be reported as a tablity on the balance sheet and an expense on the income statement Transaction will not be footnoted since it is recorded on the francial statements Dec 31 traction will be reported as a fabity on the balance sheet and an expense on the income statement Transaction will also be footnoted. DH Dec 22 transaction will be footnoted as a contingentbly Choose from any list or enter any number in the input fields and then continue to the next question toril 0 More Info e ma December 1 5 les in th rs 20 Tripp sold 13 go-karts on account. The selling price of each go-kart was $1,600; the cost of goods sold for each was $550. Tripp received notice of a class-action lawsuit being filed against it. The lawsuit claims that Tripp's go-karts have engine defects that appear after the warranty period expires. The plaintiffs want Tripp to replace the defective engines and pay damages for the owners' loss of use. The cost of replacing the engines would be approximately $415,000 (not including any damages). Tripp's attorney believes that it is reasonably possible that Tripp will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. Tripp performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Tripp's cost of the repairs, paid in cash, was $600. An individual claims that he suffered emotional distress from a high-speed ride on a Tripp Go-Kart and is seeking $530,000 in damages. Tripp's attorney believes the case is frivolous because it does not have any legal merit. Another customer is suing Tripp for $170,000 because a defect in the customer's Tripp Go-Kart engine started a fire and destroyed the customer's garage. Tripp's attorney believes the customer will probably win the case and receive $170,000. (Use the following account names: Loss from Lawsuit and Accrued Liability from Lawsuit.) Tripp estimates that the warranty expense is 3% of gross sales. Tripp's gross sales for the period totaled $790,000. the bala 22 is unlike the bald fina 27 he balar liability the bala fina the bala 31 ent liability fields ar Print Done