On September 3,2008,Jackson Corporation purchases goods for a U.S.dollar equivalent of $17,000 from a Swiss company.The transaction is denominated in Swiss francs (SFr).The payment is made on October 10.The exchange rates were: What entry is required to revalue foreign currency payable to U.S.dollar equivalent value on October 10?

Question

Quizplus · Accepted Answer

The correct answer is A because the entry to revalue foreign currency payable to U.S.dollar equivalent value on October 10 is to debit foreign currency payable for $2,000 and credit foreign currency translation gain for $2,000.

On September 3,2008,Jackson Corporation Purchases Goods for a U