Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15, 2011, for 100,000 stickles. Payment was received on October 15, 2011. The following exchange rates applied:
Required:
Prepare all journal entries for Old Colonial Corp. in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.
Definitions:
Variable Administrative Expense
Indirect costs that change in proportion with the level of a company’s production or sales activities.
Fixed Administrative Expense
Expenses that do not change with the level of production or sales over a certain period, related to the administration of a business.
Contribution Format
An income statement format that separates fixed and variable costs to show the contribution margin.
Contribution Format
A type of income statement that separates variable costs from fixed costs, highlighting the contribution margin.
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