Question: Dot, a U.S. company, sold inventory items on account to Roa of Great Britain for 200,000 on May 1, 2016, when the spot rate was

Dot, a U.S. company, sold inventory items on account to Roa of Great Britain for £200,000 on May 1, 2016, when the spot rate was 0.7000 pounds. The invoice was paid by Roa on May 30, 2016, when the spot rate was 0.7050 pounds.

REQUIRED:

Prepare Dot's journal entries for the sale to Roa on May 1 and receipt of the £200,000 on May 30. Ignore Cost of Goods Sold.

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May 1 2016 Accounts receivable fc 285714 Sales 285714 To record sale of ... View full answer

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