Question

requirement 1. journalize required transactions, if any, in belkin manufacturings general journal. explanations are not required (record debits first, then credits. exclude explanations from journal entries. for transactions that do not require an entry, make sure to select no entry required in the first field in the accounts column and leave all other fields blank.) apr 30 belkin manufacturing is party to a patent infringement lawsuit of $180,000. belkin manufacturings attorney is certain it is remote that belkin manufacturing will lose this lawsuit

Explanation:

Under accounting principles, a contingent liability (such as a lawsuit loss) is recorded only if the loss is probable and can be reasonably estimated. Here, since it is remote that Belkin Manufacturing will lose the lawsuit, no journal entry is required.

Answer:

No entry required.