Question
USCO purchased merchandise from a European company on 12/1/21 for 80,000 euros due in 60 days. Euro spot rate on 12/1 was $1.15. On 12/31
USCO purchased merchandise from a European company on 12/1/21 for 80,000 euros due in 60 days. Euro spot rate on 12/1 was $1.15. On 12/31 the spot rate was $1.10 On the settlement date the spot rate was $1.18.
Journal entries needed to record the transactions on 12/1/21, 12/31/21, 1/30/22.
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Intermediate Accounting
Authors: Kin Lo, George Fisher
3rd Edition Vol. 1
133865940, 133865943, 978-7300071374
