QUE-ION 2 N at changed since last amen-Ipt Marked out of 20.00 f’ Flag question journal entries for an account receivable denominated in Euros [SUS…

Journal entries for an account receivable denominated in Euros ($US weakens)

Assume that your company sells products to a customer located in France on October 15. The invoice specifies that payment is to be made on January 15 in Euros (€) in the amount of €350,000. Your company operates on a calendar year basis.

Assume the following exchange rates:

October 15$0.90: €1December 31$1.05: €1January 15$1.10: €1

QUE-ION 2 N at changed since last amen-Ipt Marked out of 20.00 f’ Flag question journal entries for an account receivable denominated in Euros [SUS weakens) Assume that your company sells products to a customer located in France on October 15. The invoice specifies that payment is to be made onjanuary 15 in Euros (€} in theamount of €350,000. Your company operates on a calendar year basis. Assu me the following exchange rates: October 15 $0.90: (1December 31 551.0511 January15 $1.10: (1 Prepare thejournal entries to record the sale (ignore cost of goods sold}, the required adjusting entry at December 31, and the receipt of payrnentJanuary 15. GenuijournlDate Desa’lptlnn Debit CreditOct 15 69Dec 31 ¢¢Jan 15 e Foreign currency transaction gain 0

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