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A US company sells goods to an Italian importer on November 1, 2017 Assume that the US company closes its books monthly. and the sales

  • A US company sells goods to an Italian importer on November 1, 2017

  • Assume that the US company closes its books monthly. and the sales value of €100,000 is to be received on January 20, 2018.

  • The following are the relevant exchange rates: Spot rates per € : Nov. 1:$1.29, Nov. 30:$1.27, Dec. 31:$1.30, Jan. 20:$1.35

  • Make the necessary journal entries.

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