On April 1, 2011, Bay delivers merchandise to Ram for 200,000 pesos when the spot rate for
Question:
REQUIRED
1. Prepare journal entries to record the receivable from the sales transaction and the forward contract on April 1.
2. Prepare journal entries to record collection of the receivable and settlement of the forward contract on May 30
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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