Mentacos Inc. purchased inventory from a French company, agreeing to pay 150,000 euros. On the purchase date,
Question:
Mentacos Inc. purchased inventory from a French company, agreeing to pay 150,000 euros. On the purchase date, the euro was quoted at $1.55. When Mentacos Inc. paid the debt, the price of a euro was $1.57. What account does Mentacos Inc. debit for the $3,000 difference between the cost of the inventory and the amount of cash paid?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
Question Posted: