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Prepare necessary journal entries from the following transactions related with a Takaful product. i.Contribution received from new participants $1,000. ii.An amount of $2500 received as

Prepare necessary journal entries from the following transactions related with a Takaful product.

i.Contribution received from new participants $1,000.

ii.An amount of $2500 received as contribution renewal from participant.

iii.Advanced contribution received from new participants $2000.

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