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Payment is received on january 15 2012 prepare all journal

Question - On November 1, 2011, the Sherwood Company sold inventory to a foreign customer for 200,000 local currency units (LCU). Payment is received on January 15, 2012. The exchange rates for 1 local currency unit are:

November 1, 2011 $ 1.10

December 31, 2011 1.05

January 15, 2012 .97

Prepare all journal entries in connection with this sale of inventory.

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Accounting Basics: Payment is received on january 15 2012 prepare all journal

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