A US company has the following foreign currency transactions:Receivable of €100,000 (exchange rate: $1.20/€)Payable of...
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Accounting
A US company has the following foreign currency transactions:
- Receivable of €100,000 (exchange rate: $1.20/€)
- Payable of ¥10,000,000 (exchange rate: $0.009/¥)
(a) Calculate the value of the receivable and payable in USD. (b) Prepare the journal entries for the foreign currency transactions. (c) Determine the impact of exchange rate fluctuations. (d) Discuss the accounting treatment for foreign currency transactions.
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