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On November 1, 2019, Dexter Company sold inventory to a company in England. Payment will...

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Accounting

  1. On November 1, 2019, Dexter Company sold inventory to a company in England. Payment will be made in 300,000 British pounds and will be received on February 1, 2020.

Direct Exchange rates:

November 1, 2019 $1.51 December 31, 2019 $1.57

February 1, 2020 $1.52

Dexter has a December 3 1 st year end. Prepare the necessary journal entries for this export transaction

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