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Neporo4naja [7]
3 years ago
6

On September 3, 20X8, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The tran

saction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were

Business
1 answer:
klasskru [66]3 years ago
7 0

Answer:

A.

DR Foreign Currency Transaction loss 1,000

CR Accounts Payable (SFr) $1,000

Explanation:

When the transaction was agreed on September 3, 20X8, the exchange rate was;

$0.85  : 1 franc

Therefore the $17,000 was valued at;

= 17,000/0.85

= 20,000 francs

When the transaction was paid for however, on October 10, the Franc had gained on the dollar by;

= 0.9 - 0.85

= $0.05

This means that the dollar got weaker by $0.05 so the company made a loss of

= 20,000 francs * 0.05

= 1,000 francs

This will be recorded as;

DR Foreign Currency Transaction loss 1,000

CR Accounts Payable (SFr) $1,000

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