Johnson Industries performed consulting services on account for a German customer on December 1, 2010.This transaction was for 30, 000 euros.Johnson's accounting year ends December 31.The invoice amount was received by Johnson on January 15, 2011.The exchange rates during this period were as follows:
$\begin{array}{ll}
\text { December } 1 & \$ 1.10 / \text { euro } \
\text { December } 31 & 1.15 / \text { euro } \
\text { January } 15 & 1.12 / \text { euro }
\end{array}$ Required:
Prepare the necessary journal entries to record this consulting revenue and subsequent cash receipt.

Question

Johnson Industries performed consulting services on account for a German customer on December 1, 2010.This transaction was for 30, 000 euros.Johnson's accounting year ends December 31.The invoice amount was received by Johnson on January 15, 2011.The exchange rates during this period were as follows:
 $\begin{array}{ll}
\text { December } 1 & \$ 1.10 / \text { euro } \
\text { December } 31 & 1.15 / \text { euro } \
\text { January } 15 & 1.12 / \text { euro }
\end{array}$ Required:
Prepare the necessary journal entries to record this consulting revenue and subsequent cash receipt.

Quizplus · Accepted Answer

The Answer of Johnson Industries performed consulting services on account for a German customer on December 1, 2010.This transaction was for 30, 000 euros.Johnson's accounting year ends December 31.The invoice amount was received by Johnson on January 15, 2011.The exchange rates during this period were as follows:
 $\begin{array}{ll}
\text { December } 1 & \$ 1.10 / \text { euro } \
\text { December } 31 & 1.15 / \text { euro } \
\text { January } 15 & 1.12 / \text { euro }
\end{array}$ Required:
Prepare the necessary journal entries to record this consulting revenue and subsequent cash receipt.

Johnson Industries Performed Consulting Services on Account for a German