McBride Industries completed the following transactions during 2016:
Journalize the transactions (explanations are not required).Round to the nearest dollar.
Definitions:
Agreement To Agree
A preliminary agreement indicating the intention of parties to enter into a future contract without binding themselves to specific terms.
Binding Contract
An agreement between two or more parties that is legally enforceable and has all the essential elements of a contract.
Formal Document
A document that follows established conventions or requirements, often used in professional or legal contexts.
Formal Contract
A contract that adheres to a specific form or is ceremonial in nature, often requiring written documentation and signatures.
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