Iberico plc, a Spanish firm whose functional currency is EUR, sold goods to a British customer for 10,000 GBP on credit. The exchange rate on the date of sale was 1 GBP = 1.2 EUR. Which the journal entry shall Iberico plc prepare regarding the sale? Question 6 Select one: a. DR Cash 12,000 EUR, CR Sale 12, 000 EUR b. DR Cash 10,000 GBP, CR Sale 10,000 GBP c. DR Receivable 10,000 GBP, CR Sale 10,000 GBP d. DR Receivable 12,000 EUR, CR Sale 12,000 EUR

Dealer A quotes 1.2500–1.2550 for the AUD/USD exchange rate to dealer B. The price (in US dollars) at which B can buy one unit of the Australian dollar is     1.2500.     1.2550.     0.8000.     0.7968.  Dealer A quotes 1.2500–1.2550 for the AUD/USD exchange rate to dealer B. The price (in US dollars) at which B can buy one unit of the Australian dollar is     1.2500.     1.2550.     0.8000.     0.7968.

Vikram

Foreign currency transactions Melbourne Ltd purchased goods from France on 3 April 2022 on credit shipped FOB Paris. The cost of good is Euro 500,000 and outstanding as of 31 April 2021. On 3 April 2022, the exchange rate is A$1.00 = Euro 0.67. On 30 April 2022, exchange rate is A$1.00 = Euro 0.66 REQUIRED Provide the accounting entries necessary to account for the above purchase transaction for the month ending 30 April 2022.

Accounting records of Company C are expressed in EUR. On 30 April 20XX, it sells goods to a foreign company that requests the amount of the sale to be expressed in USD. No VAT to be charged. When the invoice is sent to the client for an amount of USD 1.000, the exchange rate EUR / USD is 1. On 31 May 20XX, the client paid the invoice in USD on the EUR bank account so that the amount in USD is immediately converted into EUR at the current exchange rate. The current exchange rate is 1EUR = 1,10 USD. Prepare the accounting journal entries for the sale and the repayment.

Tex Hardware sells many of its products overseas. The following are some selected transactions. Tex sold electronic subassemblies to a firm in Denmark for 160,000 Danish kroner (Dkr) on June 6, when the exchange rate was Dkr 1 = $0.1710. Collection was made on July 3 when the rate was Dkr 1 = $0.1713. On July 22, Tex sold copper fittings to a company in London for £36,000 with payment due on September 20. Also, on July 22, Tex entered into a 60-day forward contract to sell £36,000 at a forward rate of £1 = $1.630. The forward contract is not designated as a hedge. The spot rates follow: July 22 £1 = $1.580 September 20 £1 = $1.612 Tex sold storage devices to a Canadian firm for C$75,000 (Canadian dollars) on October 11, with payment due on November 10. On October 11, Tex entered into a 30-day forward contract to sell Canadian dollars at a forward rate of C$1 = $0.730. The forward contract is not designated as a hedge. The spot rates were as follows: October 11 C$1 =…

A company makes an export sale denominated in a foreign currency and allows the customer one month to pay. Under the two-transaction perspective, accrual approach, how does the company account for fluctuations in the exchange rate for the foreign currency?

Recording Export Transactions Daisy Brands, a U.S. company, sells items abroad. Daisy prices    many of these transactions in the currency of the customer. Following are four such transactions made in    the last accounting period, plus the direct exchange rates for each date:       Country Amount Currency           Spot rate at             sale             Spot rate             at collection             Argentina . . . . . . . . . . . . . . . . . . . . . . 250,000 Peso $0.056 $0.049       Canada . . . . . . . . . . . . . . . . . . . . . . . . 400,000 Dollar 0.732 0.713       India . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 Rupee 0.016 0.018       South Africa . . . . . . . . . . . . . . . . . . . . 100,000 Rand 0.074 0.077       Required             Prepare the journal entries made by Daisy Brands to record the above sale and collection transactions

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The U.S Company, In the month of January 15 sold machinery on account to a retailer Australia. The invoice price was 250,000 US dollars and the exchange rate for the Australia dollar was $0.576. Select one:a. Cash A/c Dr 144,000$Sales A/c Cr 144,000$b. Cash A/c Dr 250,000$Sales A/c Cr 250,000$c. Accounts Receivable 250,000$ Sales 250,000$ d. Accounts receivable A/c Dr 144,000$Sales A/c Cr 144,000$