S manufacturer has a June 30 fiscal year end Tank sold goods to their customer

S manufacturer has a june 30 fiscal year end tank

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Tank Corporation, a U.S. manufacturer, has a June 30 fiscal year end. Tank sold goods to their customer in Columbia on May 27, 2011 for 18,000,000 Columbian pesos. The customer agreed to pay pesos in 60 days. When the customer wired the funds to Tank on July 26, Tank held them in their bank account until July 31 before selling them and converting them to U.S. dollars. The following exchange rates apply: May 27 $0.00055 June 30 $0.00052 July 26 $0.00058 July 31 $0.00056 Required: Record the journal entries related to the dates listed above. If no entry is required, state "no entry." Tank's General Journal Date Account Name Debit Credit 05/27/11 Accounts Receivable (pesos) 9,900 Sales Revenue 9,900 06/30/11 Exchange Loss 540 Accounts Receivable (pesos) 540 (18,000,000 pesos × ($.00055 - $.00052)) 07/26/11 Cash (pesos) 10,440 Exchange Gain 1,080 Accounts Receivable (pesos) 9,360 (18,000,000 pesos × $0.00058) 07/31/11 Cash 10,080 Exchange Loss 360 Cash (pesos) 10,440 (18,000,000 pesos × $0.00056)
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