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Question(s) / Instruction(s):

A company has been sued for product failures allegedly resulting in injuries to the individuals bringing the lawsuit. The companys lawyers believe it is probable that the lawsuit will result in an actual liability of approximately $100,000. Which of the following entries should be made?  

A) Loss on lawsuit            100,000

                Estimated lawsuit loss payable                   100,000 

B) Cash                 100,000

                Loss on lawsuit                  100,000 

C) Estimated lawsuit loss payable             100,000

                Cash                      100,000 

D) Loss on lawsuit            100,000

                Cash                      100,000 

 

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