1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Misha Larkins [42]
3 years ago
13

Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 119,000 crowns. It received payment

on October 15. The following exchange rates for 1 crown apply: September 15$0.61 September 30 0.65 October 15 0.60 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.
Business
1 answer:
Natalka [10]3 years ago
8 0

Answer:

Exchange rate on September 15: 1 Crown = $0.61; 119,000 Crown = (119,000*$0.61) = $72,590.

September 30 = (119,000*0.65) = $77,350.

October 15 = (119,000*$0.60) = $71,400.

                        JOURNAL ENTRY    

Date          Account                           Debit          Credit

15-Sep Account receivable         $72,590

                      Sales                                              $72,590

                (Sale to a foreign customer for 119,000 crown Exchange rate = $0.61)

30-Sep     Account receivable $4,760

                       Foreign currency exchange gain $4,760

                        ($77,350-$72,590)

15-Oct      Foreign currency exchange loss $5,950

                        Account receivable                               $5,950

                        ($71,400-$77,350)

               Cash                                                $77,350

                        Accounts Receivable                              $77,350

You might be interested in
Interest earned on a savings account is _____.
kondor19780726 [428]

Correct
b. the percentage a financial institution pays you to borrow your money
7 0
2 years ago
Nicole owns a small organic spice company called RaisaSpice and was looking for a new product to add to her company's line. A fr
DENIUS [597]

Answer:

Market Testing Stage

Explanation:

This was a new venture for Nicole. She wanted to try something new for the first time as compared to the normal business routine she had. So, she took the advice of her friend and combined spices after which, she distributed a first batch to grocery stores in Portland Seattle. She did this to test her product, to see how well customers would take this innovation. The feedback gained from the grocery stores she supplied to will be a determinant if she should continue mass production or not. That point is what we call Market testing stage.

6 0
3 years ago
If a worker earns $50 per hour in salary but the project is charged $75 per hour for each hour the individual works, then the ov
vredina [299]
Overhead rate is calculated by dividing the overhead cost by the direct cost over a similar period of measurement. In our case, the basis is per hour. The overhead cost is the rough estimate of the cost made through the proper reference to the historical data for old establishments and projections for the new ones. This can be expressed as,
    overhead rate = (overhead cost / direct cost) x 100%

Substituting the known values,
   overhead rate = ($75 / $50) x 100%
   overhead rate = 150%

<em>ANSWER: overhead rate = 150% </em>
5 0
3 years ago
Read 3 more answers
Examples of Niche Products
balu736 [363]
High quality coffee clothes makeup watches drones
6 0
2 years ago
Read 2 more answers
ok guys one thing should i just sit back and let my sis be hurt or should i try to help her no matter how hard she push me away
Andrews [41]

Answer:

make sure she good

Explanation:

can i have brainlyest pls?

4 0
2 years ago
Read 2 more answers
Other questions:
  • John and Jean are married and decide to open three separate accounts for their money. What is the most likely reason for their d
    5·2 answers
  • Cost-benefit analysis is a process that involves which of the following?
    15·1 answer
  • Establishing mutual aid agreements to obtain resources from neighboring jurisdictions is an example of which resource management
    6·1 answer
  • Match the appropriate definition with the appropriate term.
    12·1 answer
  • Marina Inc. sells and services sailboats. On April 1, Marina financed the purchase of its entire inventory with ACE Finance Comp
    5·1 answer
  • Four activities or services that make trade easy ​
    9·1 answer
  • The accounting staff at Valencia Manufacturing, Incorporated has provided the following data for the month of July. The balance
    7·1 answer
  • When a party purchases an app from the author, the copyright transfers from the author to the buyer. What is this is called
    15·1 answer
  • Which of the following statements about computer viruses is most accurate?
    5·1 answer
  • Which trend has the world bank seen in its study of poverty in low-income nations?.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!