Question

Golden Limited had the following transactions in 20X5: a. Sold goods on 1 June to a British customer for 70,000 euros with payment to be in four months.
b. Sold goods to a U. S. customer on 15 June for US$ 150,000; payment was due in one month.
c. Sold goods to a British customer on 15 July for 20,000 euros; settlement was to be in two months.
d. Received payment from the U. S. customer in
(b) On 15 July.
e. Received payment from the British customer in
(c) On 15 September.
f. Received payment from the British customer in (a) on 1 October.


Required:
Prepare journal entries for the abovetransactions.


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  • CreatedFebruary 17, 2015
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