Recording Export Transactions Southern Exports, a U.S. company, sells items abroad. Southern prices many of these transactions in the currency of the customer. Following are four such transactions made in the last accounting period, plus the direct exchange rates for each date:

Required
Prepare the journal entries made by Southern to record the above sale and collection transactions.

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Spot Rate at Sale Spot Rate at Collection Country Amount Currency Argentina 250,000 Peso Canada. India ....300,000Rupee South Africa. $0.239 1.010 0.024 0.141 $0.251 1.025 0.022 0.137 400,000 Dollar 100,000 Rand