On March 1, 2011, a U.S. company made a credit sale requiring payment in 30 days from a Malaysian company, Hamac Sdn. Bhd., in 20,000 Malaysian ringgits. Assuming the exchange rate between Malaysian ringgits and U.S. dollars is $0.2963 on March 1 and $0.3005 on March 31, prepare the entries to record the sale on March 1 and the cash receipt on March 31.
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