Exercise 1 - Foreign Currency Transaction - Selling
2ManyMice Co., a domestic wholesaler who prepares monthly financial statement in U.S.$, sold merchandise
to a British customer, with the transaction to be denominated in British Pounds (). Relevant information and
spot rates for this transaction are as follows:
Sold 200,000 of merchandise with a cost of $75,000 on July 1, 2017 payable in full September 10th, 2017.
Spot Rates
July 1st, 2017		1 =	$1.45	August 31st, 2017		1 =	$1.38	Sept. 30th 2017		1 =	$1.47
July 31st, 2017		1 =	$1.35	Sept. 10th, 2017		1 =	$1.42	December 31st 2017		1 =	$1.43
Prepare the journal entries required on the books of 2ManyMice Co. to account for this transaction by selecting the proper date and accounts for each entry using the drop down menus in the gray cells, and entering the proper debit / credit amounts in the gray cells. When correct, cells will change colors.
Date	Account					Debit		Credit