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What is the journal entry at the date of cash receipt

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Question - Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$80 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:

1 April 2023 US$1.00 = A$1.30

30 June 2023 US$1.00 = A$1.55

1 August 2023 US$1.00 = A$1.45

Required - What is the journal entry at the date of cash receipt on 1 August 2023?

Reference no: EM133155468

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