Question
Lerin Corp. had the following transactions in 20X1: Sold goods on 3 January to a U.S. customer for US$440,000 with terms 2/10, n/30. Received full
Lerin Corp. had the following transactions in 20X1:
Sold goods on 3 January to a U.S. customer for US$440,000 with terms 2/10, n/30.
Received full payment for the 3 January sale on January 30.
Sold goods on 15 February to a U.S. customer for US$390,000 with terms 1/15, n/30.
Received full payment for the 15 February sale on 5 March.
Sold goods on April 5 to a U.S. customer for US$240,000 with terms 2/10, n/30.
Lerin Corp. has a 30 April year-end.
Canadian Equivalencies | US$ | ||
3 January | 1.23 | ||
30 January | 1.21 | ||
15 February | 1.22 | ||
15 March | 1.21 | ||
5 April | 1.23 | ||
30 April | 1.26 | ||
Required:
1. Prepare journal entries for the above transactions including any adjustment needed at year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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