On January 1, 2018, Outreach Incorporated sold services to a Canadian supply company and accepted a three-year
Question:
On January 1, 2018, Outreach Incorporated sold services to a Canadian supply company and accepted a three-year note in the amount of 11,000 Canadian dollars. Assume that exchange rates between the U.S. dollar and the Canadian dollar are as follows:
Date U.S. Dollars per
Canadian Dollars
January 1, 2018 ...........................................................$0.95
December 31, 2018 ......................................................0.99
December 31, 2019 ......................................................0.90
Provide the journal entries (in U.S. dollars) prepared by Outreach to record the receipt of the note and the exchange gains/losses recognized on December 31, 2018, and December 31, 2019. Ignore any interest on the note.
Step by Step Answer:
1118 Notes Receivable A 10450 Sales R RE 10450 Made sale in exchange for a note 10450 Sal...View the full answer
