Jackson Ltd B) C) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 384,000 & \\\hline \text { Accounts Receivable } & & 384,000 \\\hline\end{array}$$

Jackson Ltd.sold motorcycles to a company in England at a total invoice price of 240,000 pounds.On July 1,the date of sale,the exchange rate was $1.60 = 1 pound.On August 15,the payment was received when the exchange rate was $1.58 = 1 pound.What is the entry for payment of the invoice?

A) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 379,200 & \\\hline \text { Foreign-Currency Transaction Loss } & 4,800 & \\\hline \text { Accounts Receivable } & & 384,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 384,000 & \\\hline \text { Accounts Receivable } & & 379,2000 \\\hline \text { Foreign-Currency Trans. Gain } & & 4,8000 \\\hline\end{array}$$
C) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 384,000 & \\\hline \text { Accounts Receivable } & & 384,000 \\\hline\end{array}$$
D) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 379,200 & \\\hline \text { Accounts Receivable } & & 379,200 \\\hline\end{array}$$