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Prepare journal entries for Usa Corporation transactions

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Question - On November 9, 2014, Usa Corporation, a U.S. multinational enterprise that prepares monthly financial statements, sold merchandise costing $20,000 to a foreign customer on 30-day open account for 50,000 local currency units (LCU). Usa employs the perpetual inventory system. On December 9, 2014, Usa received a draft for LCU50,000 from the foreign customer. Spot rates for the LCU during the remainder of 2014 were as follows:

LCU1=

Nov. 9 $0.80

Nov. 30 0.84

Dec. 9 0.78

Required - Prepare journal entries for Usa Corporation's transactions with the foreign customer.

Reference no: EM132477686

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