On September 3, 20X8, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were: What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on October 10?

Question

On September 3, 20X8, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were:  What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on October 10?

Quizplus · Accepted Answer

The Answer is A

On September 3, 20X8, Jackson Corporation Purchases Goods for a U.S