A mode of exchange that implies a specific location for the transactions to occur and allows or fosters the negotiation of price-making is known as a market exchange.
<h3>What is a Market?</h3>
This refers to the place or location where buying and selling of any commodity take place.
Hence, we can see that based on the fact that a mode of exchange that implies a specific location for the transactions to occur and allows or fosters the negotiation of price-making is known as a market exchange.
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Answer:
See journal entry below
Explanation:
June 8. Bad debt expense Dr. $4,360
To Accounts receivable - Kathy Quantel Cr. $4,360
Aug. 14. Bank Dr. $3,100
Bad debt expense Dr. $4,700
To Accounts receivable - Rosalie Oakes Cr. $7,800.
Oct. 16 Accounts receivable - Kathy Quantel Dr. $4,340
To Bad debts expense Cr $4,340
Cash Dr. $4,340
To Accounts receivable - Kathy Quantel Cr. $4,340
Dec. 31 Bad debt expense. Dr $7,270
To Account receivable - Wade Dolan
Cr $1,260
A/R - Greg Gagne
Cr $780
A/R - Amber Kisko
Cr $3,010
A/R - Shanoon Poole
Cr $1,740
A/R - Niki Spence
Cr $480
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Answer:
The Contingent liability to be recorded for this lawsuit on the current balance sheet is $0.
Explanation:
A Contingent liability is recorded when the chances are probable and the amount can be reasonably estimated.
As in the given case it is not probable that the company will lose the case, no Contingent liability to be recorded.
Therefore, The Contingent liability to be recorded for this lawsuit on the current balance sheet is $0.
