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3. Ace and TJ is a not-for-profit organization that supports the rehabilitation of injured or orphaned animals. The organization collected $620,000 of contributions receivable and

3. Ace and TJ is a not-for-profit organization that supports the rehabilitation of injured or orphaned animals. The organization collected $620,000 of contributions receivable and used the cash to pay $582,000 of accounts payable. Prepare the journal entry for this transaction.

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