On June 26, 2005, L.A. Company purchased merchandise from Brit Company for 10,000, terms net 30 days.
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On June 26, 2005, L.A. Company purchased merchandise from Brit Company for £10,000, terms net 30 days. On June 30, 2005, L.A. Company prepared financial statements. On July 26, 2005, L.A. Company electronically transferred £10,000 to Brit Company. Relevant spot exchange rates for the pound sterling (£) were as follows:
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