### Prepare leighs journal entries on december 16 december 31

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##### Reference no: EM13967724

Leigh of New York sells its products to customers in the United States and the United Kingdom, On December 16, 2013, Leigh sold merchandise on credit to Bronson Ltd. of London at a price of 28,000 pounds. The exchange rate on that day for £1 was \$2.0141. On December 31, 2013, when Leigh prepared its financial statements. The rate was £1 for \$2.0081. Bronson paid its bill in full on January 15, 2014, at which time the exchange rate was El for £2.0101. Leigh immediately exchanged the 28.000 pounds for U.S. dollars.

Prepare Leigh's journal entries on December 16, December 31, and January 15.

Create a Balance Sheet with this Trial Balance:

 Debits Credits Cash \$713.083 Inventory \$1.500 Prepaid Rent \$11.000 Prepaid Insurance \$8.000 Cost Goods Sold \$78.500 Accounts Receivable \$60.000 Equipment \$300.000 Rent Expense \$1.000 Interest Expense \$417 Salary Expense \$30.000 Depreciation Expense \$36,000 Utility Expense \$1,500 Accumulated Depreciation \$36.000 Sales Revenue \$120.000 Account Payable \$30.000 Notes Payable \$50.000 Deferred Renvenue \$5.000 Commcn Stock \$1_000.000 Total \$1.241,000 \$1.241.000

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