Unformatted text preview: Terms of sale provide for settlement in euros. The account was paid in full on January 11, 20X6. The exchange rate of dollars for euros fluctuated as follows: December 5, 20X5: $1.47 per euro December 31, 20X5: $1.46 per euro January 11, 20X6: $1.49 per euro Prepare journal entries showing the inventory purchase, year-end adjustment (if necessary), and final settlement for each of these two transactions....
View Full Document
- Spring '11
- Accounting, United States dollar, Prepare journal entries, separate purchase transactions, Universal Instruments