Excel Sources Inc

Multiple Choice

Excel Sources Inc. is a U.S. incorporated company. Due to change in exchange rate, it receives $150,000 as payment against a sale of $165,000. Under the two-transaction perspective:

A) no journal entry will be prepared on the date of sale.
B) the sale will be recorded at $150,000 on the date of sale.
C) foreign exchange loss will be recorded for $15,000.
D) Accounts Receivable will be debited for $15,000 on the date of payment.