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3. Sohar aluminum purchase raw materials from U.S company at 1st of July 2010 for $100,000 and it receives the bill in $U.S. Exchange rate
3. Sohar aluminum purchase raw materials from U.S company at 1st of July 2010 for $100,000 and it receives the bill in $U.S. Exchange rate are: 1st July $1= R.O 0.25 1st August $1=R.O 0.28 Journalise the journal entry in Omani Riyal to record the gain/lose if the payment is made in 1st of August 2010? (2 Points) Dr. Purchases 25,000; Cr. Account Payable 25000 Dr. Account payable 25,000; Dr. Transaction loss 3000 Cr. Cash 28000 Dr. Account payable 28,000; Cr. Gain 3000 Cr. Cash 25000 Dr. Purchases 28,000; Cr. Account Payable 28000. Option 2
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