On June 15, Copps Stores Sold Twenty-Five Computers, on Account

Multiple Choice

On June 15, Copps Stores sold twenty-five computers, on account, to a company located in Argentina for 2,600,000 pesos. On that date the peso is worth $0.079. On July 15, when the peso was worth $0.070, payment was received. The journal entry on July 15 by Copps Stores would include a:

A) credit to Cash $205,400.
B) credit to Accounts Receivable $182,000.
C) debit to Foreign-Currency Transaction Loss $23,400.
D) credit to Sales $182,000.