A U.S. company entered into a sales transaction with a Japanese company on September 15 for 200,000 yen. The U.S. company prepares quarterly financial statements. The Japanese company will pay for the sale on November 20. The exchange rates were as follows:

Prepare the appropriate journal entries to record the sale, the quarterly adjustment, and the collection.

Question

A U.S. company entered into a sales transaction with a Japanese company on September 15 for 200,000 yen. The U.S. company prepares quarterly financial statements. The Japanese company will pay for the sale on November 20. The exchange rates were as follows:
 
Prepare the appropriate journal entries to record the sale, the quarterly adjustment, and the collection.

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The Answer of A U.S. company entered into a sales transaction with a Japanese company on September 15 for 200,000 yen. The U.S. company prepares quarterly financial statements. The Japanese company will pay for the sale on November 20. The exchange rates were as follows:
 
Prepare the appropriate journal entries to record the sale, the quarterly adjustment, and the collection.

A US Company Entered into a Sales Transaction with a Japanese