On March 1, 20X8, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai bahts. The payment is received on May 10. The exchange rates were: What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on May 10?

Question

On March 1, 20X8, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai bahts. The payment is received on May 10. The exchange rates were:  What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on May 10?

Quizplus · Accepted Answer

The Answer is B

On March 1, 20X8, Wilson Corporation Sold Goods for a U.S