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.

---

Definitions:

Official Language

The language that is given a special legal status in a particular country, state, or other jurisdiction, often used in government and public affairs.

Anglicizing

The process by which non-English language elements, names, or cultures adopt English characteristics or become anglicized.

Public School System

A network of government-funded and managed schools that provide free education to the public.

Academic Curriculum

The structured set of courses, content, and learning experiences offered by educational institutions.