In 2006, a domestic exporter sold inventory for 100,000 pounds to a British firm (FOB destination). Full payment was received in 2007 by means of a bank wire transfer. Direct spot exchange rate information for the pound follows:
Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic exporter.

Question

In 2006, a domestic exporter sold inventory for 100,000 pounds to a British firm (FOB destination). Full payment was received in 2007 by means of a bank wire transfer. Direct spot exchange rate information for the pound follows:
  Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic exporter.

Quizplus · Accepted Answer

The Answer of In 2006, a domestic exporter sold inventory for 100,000 pounds to a British firm (FOB destination). Full payment was received in 2007 by means of a bank wire transfer. Direct spot exchange rate information for the pound follows:
  Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic exporter.

In 2006, a Domestic Exporter Sold Inventory for 100,000 Pounds