Exporting Transactions-Journal Entries
Jung Farms Exports Wheat to Germany

Exporting transactions-journal entries
Jung Farms exports wheat to Germany. In the space provided below, prepare journal entries to record the following events.
Nov. 15, 2010: Sold wheat to a German restaurant chain at a price of 2 million euros, due in 90 days. The current exchange rate is $0.80 U.S. dollars per euro. (Jung uses the periodic inventory method.)
Dec. 3, 2010: Jung made a year-end adjusting entry relating to the account receivable from the German restaurant chain. The exchange rate at year-end is $0.85 U.S. dollars per Euro.
Feb. 15, 2011: Received a check for $1,640,000 from the InterContinental Bank in full settlement of the receivable from the German restaurant chain. The exchange rate at this date is $0.82 U.S. dollars per euro.
$\begin{array}{|c|l|c|c|}\hline \text {2010}&\text { General Journal }&\quad\quad\quad\quad&\quad\quad\quad\quad\\\hline \text { Nov. } 15 && \\\hline \\\hline \\\hline\\\hline \text { Dec, } 31 & \\\hline \\\hline \\\hline \\\hline 2011 & & & \\\hline \text { Feb. } 15 & \\\hline & \\\hline & \\\hline\\\hline\end{array}$