Even though Jose SA agrees to pay 1,000,000 pesos ($100,000 x 10 pesos/U.S. $), Joe,...
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Accounting
Even though Jose SA agrees to pay 1,000,000 pesos ($100,000 x 10 pesos/U.S. $), Joe, Inc. records the sale (in U.S. dollars) on February 1, 2020 as follows:
Suppose that on March 2, 2020, the spot rate for pesos is 11 pesos/U.S. $. Joe Inc. will receive 1,000,000 pesos, which are now worth $90,909. Joe makes the following journal entry:
Make a journal entry for both Feb1 and March 2
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