A U.S.Corp.purchased a computer from a French firm on July 1, 2020, when a Euro cost $0.25.The U.S.firm will be required to pay the French manufacturer 75,000 Euros on August 1, 2020, when the Euro costs $0.23.

Required:
Make the necessary journal entries for the U.S.firm on July 1 and August 1.

Question

A U.S.Corp.purchased a computer from a French firm on July 1, 2020, when a Euro cost $0.25.The U.S.firm will be required to pay the French manufacturer 75,000 Euros on August 1, 2020, when the Euro costs $0.23.
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Required:
Make the necessary journal entries for the U.S.firm on July 1 and August 1.

Quizplus · Accepted Answer

The Answer of A U.S.Corp.purchased a computer from a French firm on July 1, 2020, when a Euro cost $0.25.The U.S.firm will be required to pay the French manufacturer 75,000 Euros on August 1, 2020, when the Euro costs $0.23.
​
Required:
Make the necessary journal entries for the U.S.firm on July 1 and August 1.

A USCorpPurchased a Computer from a French Firm on July 1