Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) 2 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet く 3 4 4 Record the contingent liability if needed. Record the contingent liability if needed. Note: Enter debits before credits. Note: Enter debits before credits. Transaction General Journal Debit Credit Transaction General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) 2 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet く 3 4 4 Record the contingent liability if needed. Record the contingent liability if needed. Note: Enter debits before credits. Note: Enter debits before credits. Transaction General Journal Debit Credit Transaction General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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![Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million.
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
2
4
Record the contingent liability if needed.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2F23620678-2c7e-444a-9d52-8e7c6dcb5758%2Fh7b24f.png&w=3840&q=75)
Transcribed Image Text:Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million.
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
2
4
Record the contingent liability if needed.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
![Journal entry worksheet
Journal entry worksheet
く
3
4
4
Record the contingent liability if needed.
Record the contingent liability if needed.
Note: Enter debits before credits.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Record entry
Clear entry
View general journal
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million.
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2F23620678-2c7e-444a-9d52-8e7c6dcb5758%2Fnrzv9wp.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
Journal entry worksheet
く
3
4
4
Record the contingent liability if needed.
Record the contingent liability if needed.
Note: Enter debits before credits.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Record entry
Clear entry
View general journal
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.27 million.
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
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