Silver Era Co. exports Southwestern artwork to Japan. Prepare journal entries for the following transactions.
Nov 10 Sold artwork to Ito Company for ¥10,000,000, terms n/30. The exchange rate was $0.009 per yen.
Dec 5 Received payment from Ito Company for the November 10 sale. The exchange rate was $0.0087 per yen.

Question

Quizplus · Accepted Answer

The Answer of Silver Era Co. exports Southwestern artwork to Japan. Prepare journal entries for the following transactions.
Nov 10 Sold artwork to Ito Company for ¥10,000,000, terms n/30. The exchange rate was $0.009 per yen.
Dec 5 Received payment from Ito Company for the November 10 sale. The exchange rate was $0.0087 per yen.