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 6811 on March 1 and $0 6985 on March 31, prepare the entries to record t...

Mar 1 Account Receivable Hamac 13622 Sales 13622 Record ...

On March 1, 2011, a U.S. company made a credit sale requiring payment in 30 days from

Question:

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 between Malaysian ringgits and U.S. dollars is $0.6811 on March 1 and $0.6985 on March 31, prepare the entries to record the sale on March 1 and the cash receipt on March 31.

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...