E 12-2 Denominated sales transaction entries Abe Inc., a U.S. company, sold its inventory to Poui SA
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E 12-2 Denominated sales transaction entries Abe Inc., a U.S. company, sold its inventory to Poui SA for $20,000 and to Brit Ltd. for 20,000 euros on December 10, 2013, when the spot rate for the euro was $0.723. Abe closed its books on December 31, 2014, when the spot rate for the euro was $0.718 and collected for the sale on January 10, 2014, when the spot rate for the euro was $0.730.
REQuIRED:Prepare the necessary journal entries to account for the transactions above.
Derivatives and Foreign Currency: Concepts and Common Transactions 435
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ISBN: 9781292214597
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Authors: Joseph H. Anthony, Bruce Bettinghaus, Floyd A. Beams, Kenneth Smith
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