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Journal entries for an accounts receivable denominated in Swiss Francs (SUS strengthens and weakens) Assume that your company sells products to a customer located in
Journal entries for an accounts receivable denominated in Swiss Francs (SUS strengthens and weakens) Assume that your company sells products to a customer located in Switzerland on November 20. The invoice specifies that payment is to be made on February 20 in Swiss Francs (CHF) in the amount of CHF 250,000. Your company operates on a calendar year basis. Assume the following exchange rates: November 20 $1.12:1CHF December 31 $1.09.1CHF February 20 $1.11.1CHF Prepare the journal entries to record the sale (ignore cost of goods sold), the required adjusting entry at December 31, and the receipt of payment February 20. Date 11/20 12/31 2/201 Description Debit Credit 0 0 + D 0 O 0 0 0 D 0 Accounts receivable 0
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