Old Colonial Corp Required:
Prepare All Journal Entries for Old Colonial Corp

question 1

Essay

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: $\begin{array} { | l | c | } \hline & \text { Exchange } \\\hline { \text { Date } } & \text { Rate } \\\hline \text { September } 15,2011 & \$ 1 = \$ .48 \\\hline \text { September } 30,2011 & \$ 1 = \$ .50 \\\hline \text { October } 15,2011 & \$ 1 = \$ .44 \\\hline\end{array}$
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.

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Definitions:

National Labor Unions

Labor organizations that represent workers from various industries across the country, advocating for broad labor rights and policies.

Rail Industry

The sector of the economy dedicated to the operation of rail transportation, including companies that operate trains and manage rail infrastructure.

Labor Organizations

Groups formed by workers to promote and protect their rights and interests, including trade unions.

American Federation of Labor

A national federation of labor unions in the United States, established in 1886, that aimed to organize skilled workers into national unions according to their crafts.