Question
A US company buys goods from an Italian importer on November 6, 2016 and the purchase value is 100,000 to be paid on January 13,
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A US company buys goods from an Italian importer on November 6, 2016 and the purchase value is 100,000 to be paid on January 13, 2017.
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Assume that the US company closes its books monthly.
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The following are the relevant exchange rates: Spot rates per : Nov.
6:$1.20, Nov. 30:$1.15, Dec. 31:$1.18, Jan. 13:$1.23
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Make the necessary journal entries.
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Accounting An Introduction
Authors: Eddie McLaney, Peter Atrill
2nd Edition
0273655507, 978-0273655503
