Silver Era Co. exports Southwestern artwork to Japan. Prepare journal entries for the following transactions.Nov 10Sold artwork to Ito Company for ¥10,000,000, terms n/30. The exchange rate was $0.009 per yen.Dec 5Received payment from Ito Company for the November 10 sale. The exchange rate was $0.0087 per yen.
What will be an ideal response?
| Nov 10 | Accounts Receivable (¥10,000,000 * $0.009) | 90,000 | ? |
| ? | Sales | ? | 90,000 |
| Dec 5 | Cash (10,000,000 * $0.0087) | 87,000 | ? |
| ? | Foreign Exchange Loss | 3,000 | ? |
| ? | Accounts Receivable | ? | 90,000 |
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