Question: A us company sells a product to a british company

A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction total of $40,600 is billed as £20,000, reflecting an exchange rate of 2.03 (that is, $2.03 per pound). Prepare the entry to record (1) the sale and (2) the receipt of payment in pounds when the exchange rate is 1.95.

View Solution:


Sale on SolutionInn
Sales0
Views92
Comments
  • CreatedMarch 18, 2015
  • Files Included
Post your question
5000