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Record appropriate journal entries for donation and the sale

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Reference no: EM132717846

ACCOUNTING FOR NOT-FOR-PROFITS

Problem 1: Abby Hatcher's occupation is an artist, and her pieces of work usually sell for $500. To raise funds for Fuzzly Catcher she has donated 10 pieces of work which were successfully auctioned off with an average sales price of $560 cash during the current year. Record the appropriate journal entries for the donation and the sale of the art.

Reference no: EM132717846

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