Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 11, Problem 13E
To determine

Contingent Liability:

A potential liability which is concerned with occurrence or outcome of a future event is called contingent liability. Since the outcome of a particular future event is uncertain, the amount of liability cannot be estimated and disclose on the balance sheet unless it is probable and its value can be reasonably estimated.

To determine:

Prepare adjusting entries on December 31, 2015 for the following transactions and events.

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Chapter 11 Solutions

Fundamental Accounting Principles -Hardcover

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