Cass Corporation's Balance Sheet at December 31, 2011 Included a $48,480

question 21

Multiple Choice

Cass Corporation's balance sheet at December 31, 2011 included a $48,480 account receivable from Redmun Corporation of Mexico.The account receivable was denominated as 600,000 Mexican pesos.What entry did Cass make on January 16, 2012 when the account receivable was collected and the exchange rate for the peso was $.09?

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