Johnston Ltd. had the following transactions in 20X5:, Sold goods on 1 June to...
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Accounting
Johnston Ltd. had the following transactions in 20X5:,
Sold goods on 1 June to a British customer for 220,000 euros with payment to be in four months.
Sold goods to a U.S. customer on 15 June for US$460,000; payment was due in one month.
Sold goods to a British customer on 15 July for 56,000 euros; settlement was to be in two months.
Received payment from the U.S. customer in (b) on 15 July.
Received payment from the British customer in (c) on 15 September.
Received payment from the British customer in (a) on 1 October.
EXCHANGE RATES
Canadian Equivalencies
Euro
US$
1
June
1.45
1.05
15
June
1.40
1.09
15
July
1.42
1.07
15
September
1.36
1.01
1
October
1.32
1.04
Required: Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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