ComCare is a not-for-profit entity. Explain how ComCare should account for the following items, justifying...
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Accounting
ComCare is a not-for-profit entity. Explain how ComCare should account for the following items, justifying your answers by reference to the revised Conceptual Frameworks definitions and recognition criteria.
a) Purchased an item of equipment for $10,000. The supplier of the equipment has issued an invoice for $10,000 on the date of purchase with 30-day payment terms.
b) Received a cash donation of $80,000.
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