Johnson Industries Performed Consulting Services on Account for a German

question 49

Essay

Johnson Industries performed consulting services on account for a German customer on December 1, 2010.This transaction was for 30, 000 euros.Johnson's accounting year ends December 31.The invoice amount was received by Johnson on January 15, 2011.The exchange rates during this period were as follows:
$\begin{array}{ll}\text { December } 1 & \$ 1.10 / \text { euro } \\\text { December } 31 & 1.15 / \text { euro } \\\text { January } 15 & 1.12 / \text { euro }\end{array}$ Required:
Prepare the necessary journal entries to record this consulting revenue and subsequent cash receipt.

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Definitions:

External Attribution

The process of attributing the cause of one's own or others' behavior to external factors or situations beyond one's control.

Incentives

Rewards or motivations provided to encourage specific behaviors or outcomes.

Simplify

No clear definition since "simplify" refers to the process of making something easier to understand or less complicated.

Performance Deficiencies

The gap between actual and desired performance levels in any task or job, indicating areas that need improvement.