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Use the following information to answer question ( s ) 7 and 8 . On November 1 , 2 0 X 4 , Rolleks Corporation
Use the following information to answer questions and
On November X Rolleks Corporation sold merchandise to Watchem Corporation, a Swiss firm. Rolleks measured and
recorded the account receivable from the sale at $ Watchem paid for this account on November X Spot rates
for Swiss francs on November and November respectively, were $ and $
If the sale of the merchandise was denominated in Swiss francs, the November entry to record the receipt of payment from
Watchem included a:
Select one:
a credit to Accounts Receivable for $
b credit to Exchange Gain for $
c debit to Cash for $
d debit to Exchange Loss for $
If the sale of merchandise is denominated in dollars, the November entry to record receipt of the payment from Watchem
included a:
Select one:
a credit to Accounts Receivable for $
b credit to Exchange Gain for $
c debit to Cash for $
d debit to Exchange Loss for $
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