Question
A US company sells goods to an Italian importer on November 1, 2017 and the sales value of 100,000 is to be received on January
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A US company sells goods to an Italian importer on November 1, 2017
and the sales value of 100,000 is to be received on January 20, 2018.
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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. 1:$1.29, Nov. 30:$1.27, Dec. 31:$1.30, Jan. 20:$1.35
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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
