Question: An Israeli drug company IDC reported Net Sales of 9 408
An Israeli drug company (IDC) reported Net Sales of $9,408 million for the year ended December 31, Year 7. Based on IDC’s financial reports for fiscal Year 7, the cost of these sales was $6,531 million. Assume that IDC made all sales on credit, and that it collected $2,659 million cash during Year 7. Provide the journal entries that IDC made in Year 7 related to these transactions. IDC applies U.S GAAP, and reports its results in millions of U.S. dollars.
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