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

question 116

Multiple Choice

On June 15,Copps Stores sold twenty-five computers,on account,to a company located in Argentina for 3,000,000 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 $237,000.
• B)credit to Accounts Receivable $210,000.
• C)debit to Foreign-Currency Transaction Loss $27,000.
• D)credit to Sales $210,000.

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Definitions:

Human Activity

Any action or task performed by humans, which can include work, leisure, and daily living activities.

Freud

Sigmund Freud, an Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue.

Ego Abides

The concept that the ego abides indicates the maintenance or adherence of the ego, in psychodynamic theories, to its functions and regulations amidst internal conflicts.

Reality Principle

The Reality Principle is a concept in psychoanalytic theory referring to the ability of the mind to assess the external world and act upon it accordingly, often in contrast to the pleasure principle.