Journal entries for an account receivable denominated in Euros ($US weakens)

Assume that your company sells products to a customer located in France on October 15. The invoice specifies that payment is to be made on January 15 in Euros (?) in the amount of ?350,000. Your company operates on a calendar year basis.

Assume the following exchange rates:

October 15$0.90: ?1December 31$1.05: ?1January 15$1.10: ?1

QUE-ION 2 N at changed since last amen-Ipt Marked out of 20.00 f' Flag question journal entries for an account receivable denominated in Euros [SUS weakens) Assume that your company sells products to a customer located in France on October 15. The invoice species that payment is to be made onjanuary 15 in Euros (} in the amount of 350,000. Your company operates on a calendar year basis. Assu me the following exchange rates: October 15 $0.90: (1 December 31 551.0511 January15 $1.10: (1 Prepare thejournal entries to record the sale (ignore cost of goods sold}, the required adjusting entry at December 31, and the receipt of payrnentJanuary 15. Genuijournl Date Desa'lptlnn Debit Credit Oct 15 6 9 Dec 31 Jan 15 e Foreign currency transaction gain 0