Desi of new york sells its products to customers in the

Reference no: EM13576983

Desi of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2011, Desi sold merchandise on credit to Bronson Ltd. of London at a price of 17,000 pounds. The exchange rate on that day for 1 lb was $1.5238. On December 31, 2011, when Desi prepared its financial statements, the rate was 1 lb for $1.4990. Bronson paid its bill in full on January 15, 2012, at which time the exchange rate was 1 lb for $1.5156. Desi immediately exchanged the 17,000 pounds for U.S. dollars. Prepare Desi's journal entried on December 16, December 31, and January 15 (round to the nearest dollar)

Reference no: EM13576983

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