USCO purchased  merchandise from  a European company on 12/1/21 for 80,000 euros due in 60 days. Euro spot rate on 12/1 was $1.15. On 12/31 the spot rate was $1.10 On the settlement date the spot rate was $1.18.

Journal entries needed to record the transactions on 12/1/21, 12/31/21, 1/30/22.

Answer rating: 100% (QA)

ANSWER 12012021 Purchase Dr 9200080000115 To Cr... View the full answer