Use the Following Information to Answer the Question(s) Below

question 28

Multiple Choice

Use the following information to answer the question(s) below.

On November 1, 2014, Rolleks Corporation sold merchandise to Watchem Corporation, a Swiss firm. Rolleks measured and recorded the account receivable from the sale at $107,100. Watchem paid for this account on November 30, 2014. Spot rates for Swiss francs on November 1 and November 30, respectively, were $1.05 and $1.02.

-If the sale of merchandise is denominated in dollars,the November 30 entry to record receipt of the payment from Watchem included a

• A)credit to Accounts Receivable for $104,040.
• B)credit to Exchange Gain for $3,060.
• C)debit to Cash for $107,100.
• D)debit to Exchange Loss for $3,060.

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Definitions:

Cancer

A disease characterized by the uncontrolled growth and spread of abnormal cells, which can form tumors and potentially lead to death if untreated.

Malignant Neoplasm

A cancerous tumor that invades surrounding tissues and has the potential to spread to distant body parts.

Malignant Cells

Abnormal and cancerous cells that have the potential to invade and destroy nearby tissue and spread to other parts of the body.

Verbal Cues

Non-physical signals used in communication, like tone of voice or speech pace, to convey or supplement meaning.