Question - New Colony Corporation (a U.S. company) made a sale to a foreign customer on September 15, 2011, for 100,000 foreign currency units (FCU). Payment was received on October 15, 2011. The following exchange rates for 1 FCU apply:
September 15, 2011- $0.40
September 30, 2011- 0.42
October 15, 2011 -0.37
Prepare all journal entries for New Colony in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.