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Why would be the journal entry for these two events

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Reference no: EM132485097

The following events occurred during the month of May for McLain Company.

  1. McLain sells 240 units for $20 each. McLain collects cash for 200 of these units.
  2. The units cost McLain $8 each to purchase.
  3. McLain receives a contribution of $600 from its owners.

Question 1: Why would be the journal entry for these two events?

Reference no: EM132485097

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