Helvetia Corp. ,a Swiss firm,bought merchandise from Bouchard Company of Quebec on December 15,20X7 for 20,000 CHF,payable on January 14,20X8.Bouchard and Helvetia both close their books on December 31.The 20,000 CHF was paid on January 14,20X8.The exchange rates for CHF1 were:
Required:
Provide the journal entries for Bouchard (the seller)at each of the above dates,as required.The account was not hedged by Bouchard.

Question

Helvetia Corp. ,a Swiss firm,bought merchandise from Bouchard Company of Quebec on December 15,20X7 for 20,000 CHF,payable on January 14,20X8.Bouchard and Helvetia both close their books on December 31.The 20,000 CHF was paid on January 14,20X8.The exchange rates for CHF1 were:  
Required:
Provide the journal entries for Bouchard (the seller)at each of the above dates,as required.The account was not hedged by Bouchard.

Quizplus · Accepted Answer

The Answer of Helvetia Corp. ,a Swiss firm,bought merchandise from Bouchard Company of Quebec on December 15,20X7 for 20,000 CHF,payable on January 14,20X8.Bouchard and Helvetia both close their books on December 31.The 20,000 CHF was paid on January 14,20X8.The exchange rates for CHF1 were:  
Required:
Provide the journal entries for Bouchard (the seller)at each of the above dates,as required.The account was not hedged by Bouchard.