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Why is no journal entry needed for this financial event

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Reference no: EM133552178

Question: belongs to the state hospital association, and its membership is current (meaning it is paid up through the end of the year). HELP receives an invoice for $75,000 for next year's fees but has not paid it yet.

Why is no journal entry needed for this financial event? Enter your explanation.

 

Reference no: EM133552178

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