On November 12, Higgins, Inc., an American company, sold merchandise on credit to Kagome of Japan at a price of 3,400,000 yen. The exchange rate was $0.00856 on the date of sale. On December 31, when Higgins prepared his financial statements, the exchange rate was $0.00862. Kagome paid in full on January 12, when the exchange rate was $0.00880. 

On January 12, what journal entry must Higgins record?

Answer rating: 100% (QA)

Since Higgins Inc sold merchandise on credit to Kagome of Japan it recorded the sale on November 12 ... View the full answer