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Old Colonial Corp. (a U.S. company) made a sale to a foreign customer

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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:September 15,2011 1stickle =.48 dollarsSeptember 30,2011 1stickle =.50 dollarsOctober 15,2011 1stickle =.44 dollarsRequired 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.

 

Paper#51260 | Written in 18-Jul-2015

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