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Wallis Gallery, a US company, purchases a painting from a European art dealer for 1,000 euros on August 1, 2019. The exchange rate is 1.16680.

Wallis Gallery, a US company, purchases a painting from a European art dealer for 1,000 euros on August 1, 2019. The exchange rate is 1.16680. Wallis Gallery enters a bill into QuickBooks Online for that amount. The painting is received on August 25, and the bill is paid. The exchange rate is now 1.16270. What is the effect on the Exchange gain/loss account?

  • Debit of 4.10

  • Credit of 4.10

  • Debit of $4.10

  • Credit of $4.10

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