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Milton Company's unadjusted trial balance on 12/31/20X1 shows an accounts receivable from a non-U.S. customer. The receivable arose from a sale denominated in Euros. Since
Milton Company's unadjusted trial balance on 12/31/20X1 shows an accounts receivable from a non-U.S. customer. The receivable arose from a sale denominated in Euros. Since the receivable was recognized, the Euro value has risen. Milton should:
Multiple Choice
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debit "accounts receivable" and credit "sales revenue".
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debit "foreign exchange loss" and credit "accounts receivable".
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debit "accounts receivable and credit "foreign exchange gain".
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debit "sales revenue" and credit "accounts receivable".
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