QUESTION 3Plus Inc. exports flour to Germany. Prepare journal entries, including explanation to record the following events:Jan. 15, 2021: Sold flour to a German restaurant chain at a price of 2 million euros, due in 90 days. The currentexchange rate is $0.70 U.S. dollars per euro. (Plus Inc. uses the periodic inventory method.)Mar 31, 2021: Plus Inc. made a year-end adjusting entry relating to the account receivable from the Germanrestaurant chain. The exchange rate at year-end is $0.75 U.S. dollars per euro.Apr. 15, 2021: Received a check for $1,440,000 from the InterContinental Bank in full settlement of thereceivable from the German restaurant chain. The exchange rate at this date is $0.72 U.S. dollars per euro.

Step 1 Journal is the Part of Book keeping.

Answered: Plus Inc. exports flour to Germany.…

Business

Accounting

Plus Inc. exports flour to Germany. Prepare journal entries, including explanation to record the following events:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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