Q.01

Peerless Corporation (a U.S.-based company) made a sale to a foreign customer on September 15, for 122,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: Date U.S. Dollar per Crown $0.61 0.65 0.60 September 15 September 30 October 15 Prepare all journal entries for Peerless Corporation in connection with this export 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.) No Date Credit Answer is complete but not entirely correct. General Journal Accounts receivable (crowns) Sales Debit 68,930 1 09/15 68,930 4,620 2 09/30 Accounts receivable (crowns) Foreign exchange pain or loss . 4,620 5,650 3 10/15 Foreign exchange gain or loss Accounts receivable (crowns) 5,650 67,500 4 10/15 Cash Accounts receivable (crowns) 3 67,800