Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 3

New Colony Corporation (a U.S. company) made a sale to a foreign customer on September 15, 2015, for 100,000 foreign currency units (FCU). It received payment on October 15, 2015. The following exchange rates for 1 FCU apply:

Prepare all journal entries for New Colony in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.