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Receive the following 3 receipts on 15 October 2021 a. Received Accounting service fee $5200(incl.of 10% VAT) b. Received donations $1200 c. Capital contributions $8000

Receive the following 3 receipts on 15 October 2021

a. Received Accounting service fee $5200(incl.of 10% VAT)

b. Received donations $1200

c. Capital contributions $8000

Required

Explain the steps to record the above transactions and write down the journal entry.

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