Answer :
According to the given information, The Account receivable for Peerless Corporation is $62,000.
JOURNAL ENTRY
Date Account title and explanation Debit Credit
Sep.15 Accounts Receivable (Crown)
(100,000 × 0.60) $60,000
Sales $60,000
Sep.30 Accounts Receivable (Crown)
(100,000 × (0.66 - 0.60) $6,000
Foreign Exchange gain $6,000
Oct.15 Foreign Exchange gain/Loss
(100,000) × (0.66 - 0.62) $4,000
Accounts Receivable (Crown) $4,000
Oct.15 Cash (100,000) × (0.62) $62,000
Accounts Receivable (Crown)
(100,000) × (0.62) $62,000
- Money owed to a business in the near future is represented by the asset account known as accounts receivable (AR) on the balance sheet.
- When a business permits a customer to pay on credit for its goods or services, accounts receivable are produced.
- Accounts payable are similar to accounts receivable, but they represent money that is owed as opposed to money that will be received.
- The accounts receivable turnover ratio or days sales outstanding can be used to determine the strength of a company's AR.
- It is possible to conduct a turnover ratio analysis to determine when the AR will actually be received.
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