Dot, a U.S. company, sold inventory items on account to Roa of Great Britain for 200,000 on

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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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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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Question Posted: Feb 28, 2017 12:11 PM

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Dot, a U.S. company, sold inventory items on account to Roa of Great Britain for 200,000 on

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

Advanced Accounting

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