Journal Entries-Speculation Using a Forward Contract Use the data given in Exercise 12-9, except assume that on
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Journal Entries-Speculation Using a Forward Contract Use the data given in Exercise 12-9, except assume that on November 1, Sitco Products entered into a 90-day forward contract to buy 900,000 Swedish kronas on January 30 for $.5085 per krona.
Required:
Prepare all necessary journal entries in regard to the forward contract.
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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