Old Colonial Corp Required:
Prepare All Journal Entries for Old Colonial Corp

Essay

Old Colonial Corp.(a U.S.company)made a sale to a foreign customer on September 15,2011,for 100,000 stickles.Payment was received on October 15,2011.The following exchange rates applied: $\begin{array} { | l | c | } \hline & \text { Exchange } \\\hline { \text { Date } } & \text { Rate } \\\hline \text { September } 15,2011 & \$ 1 = \$ .48 \\\hline \text { September } 30,2011 & \$ 1 = \$ .50 \\\hline \text { October } 15,2011 & \$ 1 = \$ .44 \\\hline\end{array}$
Required:
Prepare all journal entries for Old Colonial Corp.in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.