Q1. What are the journal entries the Europe entity should make in relation to the sale, on 5 November 2018? Select one: O A. No entry is required. B. DR. Accounts receivable CR. Sales revenue D. DR. Accounts receivable CR. Sales revenue DR. Accounts rec CR. Sales revenue 8,039 10,000 12,440 8,039 10,000 12,440
Q1. What are the journal entries the Europe entity should make in relation to the sale, on 5 November 2018? Select one: O A. No entry is required. B. DR. Accounts receivable CR. Sales revenue D. DR. Accounts receivable CR. Sales revenue DR. Accounts rec CR. Sales revenue 8,039 10,000 12,440 8,039 10,000 12,440
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer the questions ASAP.
![This scenario is related to questions 1,2, and 3.
An entity based in Europe with a Euro (EUR) functional currency makes a sale of US$10,000 to a customer based in the US. The sale takes place on 5 November 2018
and is payable in USD on 11 January 2019. The year-end for the entity is 31 December 2018, and the customer settles the invoice on the due date. The following
exchange rates are relevant:
Date and Rate (EUR 1.00 = US$)
5 November 2018: 1.244
31 December 2018: 1.355
11 January 2019: 1.333](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9cb8a031-a152-43e3-9f5a-dc4a07c1828c%2Fd14689b6-8408-479b-8685-48bb1f8006de%2Fvt819d_processed.png&w=3840&q=75)
Transcribed Image Text:This scenario is related to questions 1,2, and 3.
An entity based in Europe with a Euro (EUR) functional currency makes a sale of US$10,000 to a customer based in the US. The sale takes place on 5 November 2018
and is payable in USD on 11 January 2019. The year-end for the entity is 31 December 2018, and the customer settles the invoice on the due date. The following
exchange rates are relevant:
Date and Rate (EUR 1.00 = US$)
5 November 2018: 1.244
31 December 2018: 1.355
11 January 2019: 1.333
![Q1.
What are the journal entries the Europe entity should make in relation to the sale, on 5 November 2018?
Select one:
O A. No entry is required.
O B. DR. Accounts receivable
CR. Sales revenue
O C.
O D.
DR. Accounts receivable
CR. Sales revenue
DR. Accounts receivable
CR. Sales revenue
8,039
10,000
12,440
8,039
10,000
12,440](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9cb8a031-a152-43e3-9f5a-dc4a07c1828c%2Fd14689b6-8408-479b-8685-48bb1f8006de%2Fgd9a5p_processed.png&w=3840&q=75)
Transcribed Image Text:Q1.
What are the journal entries the Europe entity should make in relation to the sale, on 5 November 2018?
Select one:
O A. No entry is required.
O B. DR. Accounts receivable
CR. Sales revenue
O C.
O D.
DR. Accounts receivable
CR. Sales revenue
DR. Accounts receivable
CR. Sales revenue
8,039
10,000
12,440
8,039
10,000
12,440
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