On October 1, 2016 USA Company sold some chairs to Mexico Company for 500,000 pesos when the
Question:
On October 2nd, USA enters into a forward contract when the 6 month forward price was 1 peso = .09 cents Use 12% for interest
On December 31, the peso is worth 8 cents the 3 month forward rate is 1 peso = 7 cents
On April 1, the peso is worth 11 cents and Mexico Company pays its bill
REQUIRED:
Make all the necessary journal entries for USA Company in 2016 and 2017 Remember, USA entered into a covered forward contract on October 2nd
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Journal entries Date Account title Debit Credit October 1 2016 Accounts receivables Sales ...View the full answer
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