At the end of the fiscal year, December 31, 2004, Export Ltd. finds itself with two accounts
Question:
At the end of the fiscal year, December 31, 2004, Export Ltd. finds itself with two accounts receivable in pesos:
1. From a sale on July 1, 2004, and due to be collected on December 1, 2005, for 2,000,000 pesos.
2. From a sale on September 1, 2004, and due to be collected on December 1, 2007, for 4,000,000 pesos.
Required:
Prepare the journal entries for December 31, 2004, and December 1 and December 31, 2005, assuming that the foreign exchange risk is not hedged.
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Step by Step Answer:
To prepare the required journal entries well need to calculate the value of these accounts receivable in US dollars at different exchange rates as pro...View the full answer
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