On March 1, 20X8, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai baht. The payment is received on May 10. The exchange rates were:

March 1: 1 baht = $0.031

May 10: 1 baht = 0.034

What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on May 10?

A.	Accounts Receivable (baht)	93
	Foreign Currency Transaction Gain		93
B.	Accounts Receivable (baht)	3,000
	Foreign Currency Transaction Gain		3,000
C.	Foreign Currency Transaction Loss	3,000
	Accounts Receivable (baht)		3,000
D.	Sales	93
	Foreign Currency Transaction Gain		93

		Option A
		Option B
		Option C
		Option D

Answer rating: 100% (QA)

Answer Option B US dollar equivalent valu... View the full answer