Question
On January 1, 2014, Ginseng Inc. entered into a futures contract to purchase U.S. $5,840 for $6,010 Canadian in 30 days on Futures Exchange. On
On January 1, 2014, Ginseng Inc. entered into a futures contract to purchase U.S. $5,840 for $6,010 Canadian in 30 days on Futures Exchange. On January 15, the fair value of the contract was $38 (reflecting the present value of the future cash flows under the contract). Ginseng Inc. was required to deposit $24 with the stockbroker as a margin.
Prepare the journal entries to update the books on January 1 and 15.
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Journal Entries Journal Entries Date Account Tiles and Exp...
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
