Question

A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction total of $ 14,500 is billed as £ 10,000, reflecting an exchange rate of 1.45 (that is, $ 1.45 per pound). Prepare the entry to record
(1) The sale
(2) The receipt of payment in pounds when the exchange rate is 1.35.



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  • CreatedNovember 26, 2013
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