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Companies that sell products on credit may have many transactions in their accounts receivables sub-ledger. A sub-ledger contains details of those transactions, while a control account keeps track of the balance. In an accounts receivable control account, the total amount
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For the Entity which donates the amount, donations will be expenditure to the business but not a balance sheet account. Debit the charity account and credit the purchase to record this entry. We need to record the Journal entry for
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