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What entry did cass make on january

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Problem 1: Cass Corporation's balance sheet at December 31, 20X4 included a $48,480 account receivable from Redmun Corporation of Mexico. The account receivable was denominated as 600,000 Mexican pesos. What entry did Cass make on January 16, 20X5 when the account receivable was collected and the exchange rate for the peso was $.09?

Select one:

a. Cash 54,000

Accounts Receivable 54,000

b. Cash 54,000

Exchange Gain 5.520

Accounts Receivable 48,480

c. Cash 48,480

Accounts Receivable 48,480

d. Cash 48,480

Exchange Loss 5,520

Accounts Receivable 54,000

Reference no: EM132779524

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