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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 11
Foreign Currency Sale Journal Entries
Assume that on May 1, Zavior Corporation (a U.S.ompany) sells goods to a Portuguese corporation at a price of 100,000 euros, with payment due within three months.t the date of the sale, the exchange rate is $1.20 per euro.he Portuguese customer waits until the three months have passed and pays for the purchase on July 31, when the exchange rate is $1.18 per euro.hat is the gain or loss on the transaction for Zavior Show the journal entries that Zavior would record on May 1 and on July 31.
Assume that on May 1, Zavior Corporation (a U.S.ompany) sells goods to a Portuguese corporation at a price of 100,000 euros, with payment due within three months.t the date of the sale, the exchange rate is $1.20 per euro.he Portuguese customer waits until the three months have passed and pays for the purchase on July 31, when the exchange rate is $1.18 per euro.hat is the gain or loss on the transaction for Zavior Show the journal entries that Zavior would record on May 1 and on July 31.
Explanation
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There is a loss on the transaction of $2...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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