Mentacos Inc. purchased inventory from a French company, agreeing to pay 150,000 euros. On the purchase date,

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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?

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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

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