Blue Corporation, a U.S.manufacturer, sold goods to their customer in Hungary on December 12, 2011 for 6,000,000 Hungarian forints.The customer agreed to pay in Hungarian forints in 30 days.When the customer wired the foreign currency to Blue on January 11, 2012, Blue held them in their bank account until January 15 before selling them and converting them to U.S.dollars.The following exchange rates apply:
Required:
Record the journal entries that Blue would need related to the dates listed above.If no entry is required, state "no entry."

Question

Blue Corporation, a U.S.manufacturer, sold goods to their customer in Hungary on December 12, 2011 for 6,000,000 Hungarian forints.The customer agreed to pay in Hungarian forints in 30 days.When the customer wired the foreign currency to Blue on January 11, 2012, Blue held them in their bank account until January 15 before selling them and converting them to U.S.dollars.The following exchange rates apply:
  Required:
Record the journal entries that Blue would need related to the dates listed above.If no entry is required, state "no entry."

Quizplus · Accepted Answer

The Answer of Blue Corporation, a U.S.manufacturer, sold goods to their customer in Hungary on December 12, 2011 for 6,000,000 Hungarian forints.The customer agreed to pay in Hungarian forints in 30 days.When the customer wired the foreign currency to Blue on January 11, 2012, Blue held them in their bank account until January 15 before selling them and converting them to U.S.dollars.The following exchange rates apply:
  Required:
Record the journal entries that Blue would need related to the dates listed above.If no entry is required, state "no entry."