On August 24th ACO received an order from a US customer called US Co. to...
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On August 24th ACO received an order from a US customer called US Co. to sell inventory costing $60,000. The goods were shipped on September 1, 2020 FOB shipping point. ACO's year end is on September 30. Payment of US$ 60,000 for the sale is due on October 31, 2020. Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below: August 24th, 2020 1 U.S. Dollar = CDN$1.38 September1, 2020: 1 U.S. Dollar = CDN$1.37 September 30, 2020: 1 U.S. Dollar = CDN$1.34 October 31, 2020: 1 U.S. Dollar = CDN$1.32 What was the amount debited to cash in Canadian dollars by ACO on the settlement date?
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