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11. On June 1, a calendar year U.S. manufacturer buys, on 60-day credit, goods from Oman exporter for US$ 1,500,000. The Dollar/Rial exchange rate is
11. On June 1, a calendar year U.S. manufacturer buys, on 60-day credit, goods from Oman exporter for US$ 1,500,000. The Dollar/Rial exchange rate is $ 1 = OMR 0.40 on June 1, and $ 1 = OMR 0.39 on August 1. Required: Prepare dated journal entries in Omani Rials to record the incurrence and settlement of this foreign currency transaction assuming it employs a single and two-transaction perspective
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