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Mian sells American gourmet foods to merchandisers in Singapore. Prepare the journal entries for Mian to record the following transactions. Include any year-end adjustments.

Dec 20 - Sold items to Solingen, Inc., for 60,000 Singapore dollars. The exchange rate was $0.476 per Singapore dollar.The purchase terms were n/30.

Dec 31 - The exchange rate was $0.480 per Singapore dollar.Jan 17 - Received payment from Solingen for the December 20 sale. The exchange rate was $0.495 per Singapore dollar.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798304

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