On June 15, Blonski Computer Company Sold Twenty-Five Computers on Account

question 100

Multiple Choice

On June 15, Blonski Computer Company sold twenty-five computers on account to a company located in Argentina for 2,600,000 pesos. On that date, the peso is worth $0.084. On July 15, when the peso was worth $0.080, payment was received. Blonski Computer Company uses the perpetual inventory system. Ignoring Cost of Goods Sold, the journal entry on June 15 by Blonski Computer Company would be:

• A)debit Accounts Receivable $218,400 and credit Sales Revenue $218,400
• B)debit Accounts Receivable $208,000 and credit Sales Revenue $208,000
• C)debit Accounts Receivable $208,000, debit to Foreign-Currency Transaction Loss $10,400 and credit Sales Revenue $218,400
• D)debit Accounts Receivable $218,400, credit Sales $208,000, and credit Foreign Currency Transaction Gain $10,400

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Definitions:

Growth Mindset

A belief that abilities and intelligence can be developed through dedication and hard work, embracing challenges, and seeing failure as a path to mastery.

Growth Mindset

The belief that abilities and intelligence can be developed through dedication, hard work, and persistence, as opposed to a fixed mindset that views them as static traits.

Fixed Mindset

The belief that one's abilities, intelligence, and talents are fixed traits and cannot be significantly developed.

Metacognition

Our ability to understand and be aware of how we think and the processes we use to think.