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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
Notes Payable
$50.000
Deferred Renvenue
$5.000
Commcn Stock
$1_000.000
Total
$1.241,000
$1.241.000
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