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With the perpetual inventory method, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?
Cash Contributions
Monetary gifts made by individuals or organizations to entities such as companies, nonprofits, or trusts, often for specific purposes or projects.
Donated Goods
Items given to an organization at no cost, often recognized in the recipient's financial records as income or an asset.
Operating Purposes
Refers to the activities and expenditures directly related to the day-to-day functions of running a business, excluding financing and investment activities.
Charity Care
Healthcare services provided for free or at a reduced cost to individuals unable to pay.
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