Prepare any necessary adjusting entries at December 31, 2011, for Moor Company’s year-end financial statements for each of the following separate transactions and events.
1.A disgruntled employee is suing Moor Company. Legal advisers believe that the company will probably need to pay damages, but the amount cannot be reasonably estimated.
2.Moor Company guarantees the $5,000 debt of a supplier. The supplier will probably not default on the debt.
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