The following information refers to questions
On July 1,2012 CDN purchased inventory from its main U.S.supplier RNB Enterprises at a cost of $1,000 U.S dollars.CDN's year end is on July 31.
Some important dates regarding this transaction,as well as the exchange rates in effect at each of these dates are shown below:
-At what amount would CDN record its Liability to RNB at the time of purchase?

Question

The following information refers to questions 
On July 1,2012 CDN purchased inventory from its main U.S.supplier RNB Enterprises at a cost of $1,000 U.S dollars.CDN's year end is on July 31.
Some important dates regarding this transaction,as well as the exchange rates in effect at each of these dates are shown below: 
-At what amount would CDN record its Liability to RNB at the time of purchase?

Quizplus · Accepted Answer

CDN would record its liability to RNB at the time of purchase in Canadian dollars (CDN), which is the currency of the liability.

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