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: $$\begin{array} { | l | c | } \hline & \text { Exchange } \\\hline { \text { Date } } & \text { Rate } \\\hline \text { September } 15,2011 & \S 1 = \$ .48 \\\hline \text { September } 30,2011 & \S 1 = \$ .50 \\\hline \text { October } 15,2011 & \S 1 = \$ .44 \\\hline\end{array}$$
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.