Question
On December 1, 2014, SHU Pioneer, a U.S. company located in Fairfield, Connecticut, purchases inventory from a British supplier for 100,000. SHU Pioneer makes the
On December 1, 2014, SHU Pioneer, a U.S. company located in Fairfield, Connecticut, purchases inventory from a British supplier for 100,000. SHU Pioneer makes the entire payment on January 15, 2015. Currency exchange rate for 1 is as follows:
December 1, 2014 $0.89
December 31, 2014 0.83
January 15, 2015 0.91
Record the journal entries on January, 15, 2015 .
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Survey of Accounting
Authors: Carl S Warren
5th Edition
9780538489737, 538749091, 538489731, 978-0538749091
