Solution-What is the journal entry to record the sale

What is the journal entry to record the sale transaction

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Reference no: EM133177610

Question - Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$80,000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:

1 April 2023 US$1.00 = A$1.30

30 June 2023 US$1.00 = A$1.55

1 August 2023 US$1.00 = A$1.45

Required - What is the journal entry to record the sale transaction on 1 April 2023?

a. DR. Accounts Receivable $120,000

CR. Sales $120,000

b. DR. Accounts Receivable $61,538

CR. Sales $61,538

c. DR. Cash $61,538

CR. Sales $61,538

d. DR. Accounts Receivable $104,000

CR. Sales $104,000

Reference no: EM133177610

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What is the journal entry to record the sale transaction

Reference no: EM133177610

Reference no: EM133177610

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