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ABC company received a stock donation as a pledge from ABC's Gala event. The accounts receivable staff entered the donation as a credit to the
ABC company received a stock donation as a pledge from ABC's Gala event. The accounts receivable staff entered the donation as a credit to the Gala Event Revenue account and a debit to the checking account (cash).
You must now account for the donation in the investment account. What accounts will you debit/credit.
I believe I should debit our investment account but I'm unsure which account should be credited. Naturally I would think to credit the cash account but that doesn't sound right. Please help.
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