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Tex Hardware sells many of its products overseas. The following are some selected transactions. ...

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Accounting

Tex Hardware sells many of its products overseas. The following are some selected transactions.
On July 22, Tex sold copper fittings to a company in London for 36,000 with payment due on September 20. Also, on July 22, Tex entered into a 60-day forward contract to sell 36,000 at a forward rate of 1= $1.63. The spot rates follow:
July 221= $ 1.580
September 201= $ 1.612
Record the foreign sale and foreign currency receivable.
Record the entry for the 60-day forward exchange contract signed to sell British pounds.
Record the entry to revalue the foreign currency receivable.
Record the entry to revalue the foreign currency payable.
Record the receipt of British pounds from the customer.
Record the pounds delivered to a broker.
Record the receipt of U.S. dollars from the broker in accordance with the forward contract.

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