Solved: Prepare journal entries for items sold for singapore dollars, Finance Basics

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Prepare journal entries for items sold for singapore dollars

Problem:

Prepare journal entries for the following:

Items sold for 60,000 Singapore Dollars. The exchange rate on December 20 was $0.476 per Singapore Dollar. The purchase terms were n/30.

On December 31 the exchange rate was $0.480 per Singapore Dollar.

On January 17 payment was received for the December 20 sale. The exchange rate was $0.495 per Singapore Dollar.

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Finance Basics: Prepare journal entries for items sold for singapore dollars

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Finance Basics: Prepare journal entries for items sold for singapore dollars

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