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On March 1, 2015, a U.S. company made a credit sale requiring payment in 30 days from a Malaysian company, Hamac Sdn. Bhd., in 32,500
On March 1, 2015, a U.S. company made a credit sale requiring payment in 30 days from a Malaysian company, Hamac Sdn. Bhd., in 32,500 Malaysian ringgits. Assuming the exchange rate between Malaysian ringgits and U.S. dollars is $0.4555 on March 1 and $0.4916 on March 31, prepare the entries to record the sale on March 1 and the cash receipt on March 31. (Enter your answers in whole dollars.) a. Record the sale when exchange rate is 0.4555 b. Record the cash receipt when the exchange rate is 0.4916
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