Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15,2011 for 100,000 stickles. Payment was received on October 15,2011.The following exchange rates applied:
September 15,2011 1stickle =.48 dollars
September 30,2011 1stickle =.50 dollars
October 15,2011 1stickle =.44 dollars
Required prepare all journal entries for Old Colonial Corp in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.
