Exporting transactions-journal entries
Jung Farms exports wheat to Germany.In the space provided below,prepare journal entries to record the following events.
Nov.15,2017: 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.31,2017: 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.15,2018: 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.

Question

Quizplus · Accepted Answer

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.15,2017: 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.31,2017: 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.15,2018: 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