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 3:The for-profit entity sells $120,000 with net 30-day terms, while the nonprofit entity has a fund raising drive for which they receive pledges of $120,000. How do the two journal entries look?