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.
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