This question is related to question 15 above ... Goodyear Corporation sold product to a customer in Germany on October 1, 2019 for 500,000 euros with payment required on November 1, 2019.Relevant exchange rates are:

Spot Rate

October 1,2019$ 1.37

November 1,2019$ 1.40

Which journal entry is required by Goodyear on November 1, 2019, the date of payment?

Accounts Receivable685,000

Foreign Exchange Loss15,000

Cash700,000

Cash700,000

Accounts Receivable685,000

Foreign Exchange Gain15,000