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Rolling Hills Inc. made a sale to a Japanese customer on September 15, Year 1,...

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Accounting

Rolling Hills Inc. made a sale to a Japanese customer on September 15, Year 1, for 100,000 foreign currency units (FCU). Payment was received on October 15, Year 1. The following exchange rates apply:

Date U.S Dollar per FCU

September 15, Year 1. $0.80

September 30, Year 1. 0.84

October 15, Year 1 0.74

Required: Prepare all journal entries for Rolling Hills Inc. in connection with this sale, if the company closes its books on September 30 to prepare interim financial statements

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