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 2:Assume that a nonprofit has a need for $80,000 for a particular new marketing expenditure, and a for-profit entity needs to raise an additional $80,000 to pay for some unanticipated marketing expenses. How would the journal entities look at the acquisition of the funds and the subsequent spending of the funds?