Accounting for foreign currency-denominated sales
Door Corporation, a U.S. company, sold inventory items to Royal Cabinets Ltd. of Great Britain for £200,000 on May 1, 2011, when the spot rate was 0.6000 pounds. The invoice was paid by Royal on May 30, 2011, when the spot rate was 0.6050 pounds.
REQUIRED: Prepare Door’s journal entries tor the sale to Royal on May 1 and receipt of the ?200,000 on May 30.
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