NettetAs discussed in ASC 450-20-50-1, because contingency accruals are estimates, the FASB recommends that reporting entities use terms such as “estimated liability” or “a liability of an estimated amount” in describing the nature of … NettetWhat is the required journal entry as a result of this litigation? Select one: a. Debit litigation expense and credit litigation liability P5, 000, b. No journal entry is required c. Debit litigation expense and credit litigation liability P2, 000, d. Debit litigation expense and credit litigation liability P3, 000,

Journal entries for lease accounting - rvsbellanalytics.com

NettetJunior Member. Oct 27, 2010, 03:50 AM. First you should order a statement of account from the supplier related to this payable and make sure that the supplier will not claim … NettetThere is not yet a liability to report; no journal entry is appropriate. The information is still of importance to decision makers because future cash payments will be required. … top ten football managers game

Provisions - Overview, Types, Recognition and Recording

NettetIn this case, we can record the journal entry of provision expense as below: Account. Debit. Credit. Provision expense. 160,109. Loan loss reserves. 160,109. It is useful to note that the provision expense journal entry above should be recorded after we have reversed the previous provision first. NettetI need to know what the journal entry was for a settlement of free repairs in a class lawsuit, by looking at the income statement. What the settlement provides: In addition … Nettet10. des. 2024 · When a provision (liability) is recognised, the debit entry for a provision is not always an expense. Sometimes the provision may form part of the cost of the asset. … top ten football games of all time