Question

I think I have the first part. But I need help with 2 and 3. Could...

I think I have the first part. But I need help with 2 and 3. Could you please assist?

1. Foreign Exchange

On April 2, American company sold goods to British customer for 200,000 Pounds sterling. Exchange rates to the pound are listed below.

2-Apr

$1.60

Sale

30-Jun

$1.56

F/S prep.

10-Jul

$1.57

Payment

Prepare all entries and show the F/S on June 30.

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Answer #1

Answer: Date April 2 General Ledger Account Receivable Sales Revenue Debit Credit 320000 (200000*$1.60) 320000 8000 June 30 F

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