50 On May 1 Domestic Company sells merchandise to ac franc French francs. The terms are n/60. The spot rate for the company for 100,000 French I and.1987 on .1816 on June 30, when the company receives payment from francs to dollars. he French franc is I French company and converts the Domestic Company should make the following journal entries: May 1 Accounts Receivable 18,160 Sales 18,160 June 30 Accounts Receivable 1,710 Foreign Currency Transaction Gain ,710 Foreign Currency (Fr) 19,870 Accounts Receivable 19,870 Cash 19,870 Foreign Currency (Fr) 19,870 a. True b. False