Exporting transactions-journal entries
Jung Farms exports wheat to Germany.In the space provided below,prepare journal entries to record the following events.
Nov.15,2014: 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.31,2014: 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.15,2015: 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.

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The Answer of Exporting transactions-journal entries
Jung Farms exports wheat to Germany.In the space provided below,prepare journal entries to record the following events.
Nov.15,2014: 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.31,2014: 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.15,2015: 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.

Exporting Transactions-Journal Entries Jung Farms Exports Wheat to Germany.In the Space Provided Below,prepare