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On 1 July 2021 Brown Ltd, an Australian company, provides some consulting advice to the California Tropicana Company, an American organisation for an agreed fee of US$150,000. The amount is paid into the American bank account of Brown Ltd on 1 July 2021. Brown Ltd has left these monies in the American bank account, which pays interest at a rate of 5% per annum. Brown Ltd will collect this money from their American bank account on 30 June 2023. The relevant exchange rates are as follows: On 1July 2021 A$1.00 = US$.70 and on 30 June 2023 A$1.00 = US$.80
Problem 1: Show all the journal entries in the financial records of Brown Ltd for the year ended 30 June 2023 (to simplify your response the concept of time-value of money will be ignored in this instance). Show all workings.
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