On November 1, 2016, DEMO Corp., a U.S.firm, sold merchandise to a foreign firm for 60,000 FC.DEMO will be paid on January 31, 2017, in FC.The spot rates on selected dates were as follows:
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Required:
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Assuming that DEMO has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the sale.

Question

On November 1, 2016, DEMO Corp., a U.S.firm, sold merchandise to a foreign firm for 60,000 FC.DEMO will be paid on January 31, 2017, in FC.The spot rates on selected dates were as follows:
?
?
  Required:
?
Assuming that DEMO has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the sale.

Quizplus · Accepted Answer

The Answer of On November 1, 2016, DEMO Corp., a U.S.firm, sold merchandise to a foreign firm for 60,000 FC.DEMO will be paid on January 31, 2017, in FC.The spot rates on selected dates were as follows:
?
?
  Required:
?
Assuming that DEMO has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the sale.