Prepare journal entries to record the following events and transactions. 1. In 2005, a donation of $900,000
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1. In 2005, a donation of $900,000 was received by a non-profit entity to fund the education of students affected by Hurricane Katrina.
2. In 2008, an anonymous donor contributed $3 million dollars for the evacuees of the Bolivar Peninsula affected by Hurricane Ike.
3. In 2010, contributions of $7 million were received to help the victims of the Joplin, Missouri tornado.
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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