B-15.15 Problem

B-15.15 Problem - Payment in full was received on January...

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B-15.15 Global Technology is based in the USA and prepares its financial statements in dollars. On December 5, 20X5, Global had two sales transactions with customers in Europe. The first transaction was for $100,000. Terms of sale provide for settlement in dollars. Payment in full was received on January 11, 20X6. The second transaction was for 100,000€. Terms of sale provide for settlement in euros.
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Unformatted text preview: Payment in full was received on January 11, 20X6. The exchange rate of dollars for euros fluctuated as follows: December 5, 20X5: $1.47 per euro December 31, 20X5: $1.46 per euro January 11, 20X6: $1.49 per euro Prepare journal entries showing the sale (you may ignore cost of sales), year-end adjustment (if necessary), and final settlement for each of these two transactions....
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