Question
On October 1, 2016 USA Company sold some chairs to Mexico Company for 500,000 pesos when the peso was worth 10 cents. Payment is due
On October 1, 2016 USA Company sold some chairs to Mexico Company for 500,000 pesos when the peso was worth 10 cents. Payment is due April 1, 2017.
On December 31, the peso is worth 8 cents
On April 1, the peso is worth 11 cents and Mexico Company pays its bill
REQUIRED:
1. MAKE ALL THE NECESSARY JOURNAL ENTRIES FOR USA COMPANY IN 2016 AND 2017
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Financial Accounting Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
5th Edition
0730313743, 978-0730313748
