Journal entries and T-Accounts is required.

Prepare, side by side, the correct journal entry for the identical transaction:

-once for a nonprofit entity

-once for a for-profit company

-include notes for each transaction

Transaction 1:Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase of a $10,000 computer by the nonprofit, to how the journal entry would look for this for-profit.