Question
On October 1, 2020, Company ZZ sells goods to a foreign customer for 2,000,000 euros, to be paid on January 31, 2021. The exchange rate
On October 1, 2020, Company ZZ sells goods to a foreign customer for 2,000,000 euros, to be paid on January 31, 2021. The exchange rate on October 1, 2020, is $1.15 per euro, and the exchange rate on December 31, 2020, is $1.20 per euro.
Prepare the journal entries to record the sale and the exchange rate adjustment on December 31, 2020.
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
78025621, 978-0078025624
