Question: On February 1 Jacher Company a U S company purchased inventory

On February 1, Jacher Company, a U.S. company, purchased inventory on credit from a British Company for £50,000. Jacher properly recorded its inventory and accounts payable at $90,000, based on an exchange rate of $1.80. Jacher paid for the inventory on February 25 when the exchange rate was $1.75. Prepare the journal entry of Jacher Company to record the payment.

View Solution:

Sale on SolutionInn
  • CreatedDecember 09, 2013
  • Files Included
Post your question