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Suppose Natural Soda Corp. sells soft-drink syrup on account to a Russian company on September 12. Natural Soda Corp. agrees to accept 200,000 Russian rubles.
Suppose Natural Soda Corp. sells soft-drink syrup on account to a Russian company on September 12. Natural Soda Corp. agrees to accept 200,000 Russian rubles. On the date of sale, the ruble is quoted at $0.36. Natural Soda Corp. collects half the receivable on October 18 when the ruble is worth $0.33. Then on November 15, when the foreign-exchange rate of the ruble is $0.39, Natural Soda Corp. collects the final amount. Journalize these three transactions for Natural Soda Corp. Ignore cost of goods sold. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the sale on September 12. Journal Entry Date Accounts Sep 1200 Debit Credit Next record collection of the receivable that occurred on October 18. Journal Entry Accounts Debit Credit Date Oct 18 Next record collection of the receivable that occurred on Uctober 18. Journal Entry Accounts Credit Date Oct Debit D 18 C Finally record the collection of the receivable that occurred on November 15. Journal Entry Accounts Debit Credit Date Nov 15
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