Peerless Corporation (a U.S. company) made a sale to a foreign customer October

Question

Peerless Corporation (a U.S. company) made a sale to a foreign customer October 15. The following exchange rates for 1 crown apply: on September 15, for 119,000 crowns. It recelved payment on September 15 September 30 October 15 $ 0.61 0.65 0.60 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, sele " Nojournal en ry required" In the first account field.) View transaction list Journal entry worksheet Record the entry for sales on credit. Note: Enter debits before credits Date General Journal DebitCredit 09/15 Prey 1 of 5 Next >

Explanation / Answer

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Date Particulars Debit Credit Sept. 15 Accounts receivable (119,000*0.61) 72,590 Sales 72,590

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