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Prepare all journal entries for garden grove corporation

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Reference no: EM131705499

Question: Garden Grove Corporation made a sale to a foreign customer on September 15, Year 1, for 100,000 foreign currency units (FCU). Payment was received on October 15, Year 1. The following exchange rates apply

Date                                                        U.S. Dollar Per FCU

September 15, Year 1  ...................................... $0.40

September 30, Year 1  .......................................  0.42

October 15, Year 1  ........................................    0.37

Required: Prepare all journal entries for Garden Grove Corporation in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.

Reference no: EM131705499

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