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Prepare the journal entries for emu ltd to record

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On 16 May 2023, Emu Ltd (an Australian company) sells inventories to a US customer, Baseball Ltd, for a price of US $80 000. On the 20th August 2023, Emu Ltd receives cash in full payment of the sales invoice. Below are the relevant exchange rates.

16 May 2023      Transaction date                 A$1 = US$0.72

30 June 2023        End of reporting date        A$1 = US$0.75

20th August 2023    Settlement date             A$1 = US$0.81

Required:

Question 1: Prepare the journal entries for Emu Ltd to record the above transaction. Show your workings under each journal entry (round to the nearest dollar).

Reference no: EM132585434

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