Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15, 2011, for 100,000 stickles. Payment was received on October 15, 2011. The following exchange rates applied:

Required:
Prepare all journal entries for Old Colonial Corp. in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.

Question

Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15, 2011, for 100,000 stickles. Payment was received on October 15, 2011. The following exchange rates applied:
 
Required:
Prepare all journal entries for Old Colonial Corp. in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.

Quizplus · Accepted Answer

The Answer of Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15, 2011, for 100,000 stickles. Payment was received on October 15, 2011. The following exchange rates applied:
 
Required:
Prepare all journal entries for Old Colonial Corp. in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.