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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 to record the sale transaction on 1 April 2023?
a. DR. Accounts Receivable $120,000
CR. Sales $120,000
b. DR. Accounts Receivable $61,538
CR. Sales $61,538
c. DR. Cash $61,538
d. DR. Accounts Receivable $104,000
CR. Sales $104,000
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