How are the journal entries and legal entries recorded for contingent liabilities?

Content Provisions What Is the Journal Entry for Contingent Liabilities? Unit 12: Current Liabilities and Payroll Reversing of Provisions What happens if your business anticipates incurring a loss or debt? contingent liabilities Do you need to report this if you are uncertain it will occur? The expense recognized below is matched with the Year Two revenue recognized above. A contingent liability is recorded in