Prepare an entry to record a sale by a U.S. company on account on September 12 in
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Prepare an entry to record a sale by a U.S. company on account on September 12 in the amount of C$ 420,000 to a Canadian company. Also, record the subsequent collection in full in Canadian dollars on October 12. On $eptember 12 the exchange rate was $.60 per CS 1, and on October 12 it was $.50 per C$ 1. LO1
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