Question
On 30 April 2019, Company C purchase goods from a US company for an amount of USD 1.500.000 +VAT of 20%. When the invoice is
On 30 April 2019, Company C purchase goods from a US company for an amount of USD 1.500.000 +VAT of 20%. When the invoice is received, the exchange rate is 1USD=0,8 EUR. Company C holds its accounting in EURO. On June 30, 2019, company C pays the invoice. The current exchange rate is 1 USD=0,9USD. Prepare the accounting journal entries for the sale and at payment date.
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
13th Canadian edition
133405508, 978-0133405507
