Remle Corporation is a U.S. corporation that sold merchandise a foreign manufacturer on March 1, 20X9 for 200,000 foreign currency units. The funds will be received on April 30, 20X9. On March 1, 20X9 Wolters also entered into a forward contract to sell 200,000 foreign currency units on April 30, 20X9. Remle has a March 31 year end.
Exchange rates are as follows:
Required:
Prepare the journal entries to record the transactions through April 30, 20X9. March 31 is the fiscal period end. Ignore the split between spot gain/loss and time value and Cost of Goods Sold.

Question

Remle Corporation is a U.S. corporation that sold merchandise a foreign manufacturer on March 1, 20X9 for 200,000 foreign currency units. The funds will be received on April 30, 20X9. On March 1, 20X9 Wolters also entered into a forward contract to sell 200,000 foreign currency units on April 30, 20X9. Remle has a March 31 year end.
Exchange rates are as follows:  
Required:
Prepare the journal entries to record the transactions through April 30, 20X9. March 31 is the fiscal period end. Ignore the split between spot gain/loss and time value and Cost of Goods Sold.

Quizplus · Accepted Answer

The Answer of Remle Corporation is a U.S. corporation that sold merchandise a foreign manufacturer on March 1, 20X9 for 200,000 foreign currency units. The funds will be received on April 30, 20X9. On March 1, 20X9 Wolters also entered into a forward contract to sell 200,000 foreign currency units on April 30, 20X9. Remle has a March 31 year end.
Exchange rates are as follows:  
Required:
Prepare the journal entries to record the transactions through April 30, 20X9. March 31 is the fiscal period end. Ignore the split between spot gain/loss and time value and Cost of Goods Sold.

Remle Corporation Is a U