Question
On November 12, Higgins, Inc., an American company, sold merchandise on credit to Kagome of Japan at a price of 3,400,000 yen. The exchange rate
On November 12, Higgins, Inc., an American company, sold merchandise on credit to Kagome of Japan at a price of 3,400,000 yen. The exchange rate was $0.00856 on the date of sale. On December 31, when Higgins prepared his financial statements, the exchange rate was $0.00862. Kagome paid in full on January 12, when the exchange rate was $0.00880.
On January 12, what journal entry must Higgins record?
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Since Higgins Inc sold merchandise on credit to Kagome of Japan it recorded the sale on November 12 ...
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
