On June 21, 2010, the Livingston Company, a U.S. company, sold merchandise on credit to a Swiss

Question:

On June 21, 2010, the Livingston Company, a U.S. company, sold merchandise on credit to a Swiss company for 25,000 francs. The company received payment for the merchandise on July 10, 2010. The exchange rates on June 21 and July 10 were $0.89 and $0.88, respectively.

Required
Record the journal entries for the sale and collection by the Livingston Company.