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Lakeland Corporation (a U.S. company) made a sale to a foreign customer on September 15, 2013, for 100,000 foreign currency units (FCU). It received payment
Lakeland Corporation (a U.S. company) made a sale to a foreign customer on September 15, 2013, for 100,000 foreign currency units (FCU). It received payment on October 15, 2013. The following exchange rates for 1 FCU apply:
September 15, 2013 | $ | 0.40 | |
September 30, 2013 | 0.42 | ||
October 15, 2013 | 0.37 | ||
Prepare all journal entries for Lakeland in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. |
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