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SATTs major fundraising event is a carwash. 10 club members volunteered for five hours and washed 500 cars charging $5 per car (the New Zealand

SATTs major fundraising event is a carwash. 10 club members volunteered for five

hours and washed 500 cars charging $5 per car (the New Zealand minimum wage is

$17.70). Record the journal entries if volunteer time is and is not considered a donated

service. What is the net profit of SATT under both methods? Comment on which

accounting treatment you prefer and why?

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