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Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 111,000 crowns. It received payment on October 15. The
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 111,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: september 150.59 September 30 October 15 0.64 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field.) Journal entry worksheet 2 3 4 Record the entry for sales on credit. Note: Enter debits before credits Date Debit Credit General Journal 09/15 Clear entry View general journal Record entry Journal entry worksheet 2 3 1 4 Record the entry for changes in the exchange rate Note: Enter debits before credits. Date General Journal Credit Debit 09/30 View general journal Record entry Clear entry Journal entry worksheet 2 3 4 Record the entry for changes in the exchange rate. Note: Enter debits before credits. Debit Date General Journal Credit 10/15 View general journal Record entry Clear entry Journal entry worksheet 3 4 2 Record the entry for receipt of payment. Note: Enter debits before credits. Date General Journal Debit Credit 10/15 View general journal Record entry Clear entry
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