Question
On November 30, 2019 and December 31, 2019, Burns Corp had a 30,000 foreign currency accounts receivable due January 31, 2020.Burns Corp has a December
On November 30, 2019 and December 31, 2019, Burns Corp had a 30,000 foreign currency accounts receivable due January 31, 2020.Burns Corp has a December 31 fiscal year end.The spot exchange rates at these dates were:
November 30, 2019 :1US=4 FC
December 31, 20191 US=6 FC
January 31, 20201 US =5 FC
Show the journal entry required at December 31, 2019 for the FX gain or loss.
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Statistics For Business And Economics
Authors: James T. McClave, P. George Benson, Terry Sincich
13th Edition
134506596, 978-0134506593
