Crabby Industries, a US company, bought stock from a Swedish company on November 18, 2011, trading at Swedish kronor 1 = $0.161. The transaction was for SEK 600,000 and would be paid in SEK within 90 days. Crabby closed its books on December 31 for financial reporting purposes, trading at $0.167. On February 16, 2012, Crabby paid the bill when the crown was trading at $0.156.

Required: 

Show log entries posted by Crabby on November 18, 2011, December 31, 2011, and February 16, 2012.

Answer rating: 100% (QA)

To demonstrate the journal entries for the transactions lets consider the following dates and exchan... View the full answer