On June 15, Copps Stores Sold Twenty-Five Computers, on Account

question 47

Multiple Choice

On June 15, Copps Stores sold twenty-five computers, on account, to a company located in Argentina for 2,600,000 pesos. On that date the peso is worth $0.079. On July 15, when the peso was worth $0.070, payment was received. The journal entry on July 15 by Copps Stores would include a:

• A)credit to Cash $205,400.
• B)credit to Accounts Receivable $182,000.
• C)debit to Foreign-Currency Transaction Loss $23,400.
• D)credit to Sales $182,000.

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Definitions:

Newborn Infants

Extremely young babies, typically considered to be the age of up to 1 month, marked by rapid developmental changes.

Taste Bud

A small sensory organ found on the tongue, which allows for the perception of taste, including sweet, salty, sour, bitter, and umami.

Gustatory System

The sensory system responsible for the perception of taste and flavor, including the taste buds on the tongue and associated neural pathways.

Rods And Cones

The two types of photoreceptor cells in the retina of the eye that are responsible for vision; rods detect light and darkness, while cones are responsible for color vision.