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On June 1 Home Company bought goods from a foreign supplier at a price of 15,000 FCU (FCU is foreign currency units) Home will make
On June 1 Home Company bought goods from a foreign supplier at a price of 15,000 FCU (FCU is foreign currency units) Home will make full payment in three months on September 1. Home closes its books and prepares interim financial statements on June 30 The following exchange rates for 1 FCU apply. Date Spot rate June 1 June 30 Sept. 1 $0.30 $0.32 $0.27 Prepare all the journal entries needed by Home on June 1, June 30 and September 1
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