McBride Industries completed the following transactions during 2016:
Journalize the transactions (explanations are not required).Round to the nearest dollar.
Definitions:
Legally Obligated
It means being bound or required by law to do something.
Capacity
The legal competency to enter into agreements or contracts, often related to age, mental state, and understanding of obligations.
Valid Contract
A legally binding agreement between parties to do or not do certain things.
Avoid Liability
Strategies or actions taken to minimize or evade legal responsibility or penalties.
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