Question - 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:
September 15, 2011 1stickle =.48 dollars
September 30, 2011 1stickle =.50 dollars
October 15, 2011 1stickle =.44 dollars
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.