Prepare the journal entries for the following events. (Assume that purchases and expenses are credited to cash.)
Definitions:
Obligee
The party in a contractual agreement who is owed a performance or payment by another party (the obligor).
Assignee
An individual or entity to whom rights or interests are transferred by another, known as the assignor.
Good Faith
Acting with honesty and sincerity without intention to defraud or seek an unfair advantage.
Delegation
The act of assigning responsibility or authority from one person to another, often seen in the context of tasks and duties.
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