15 - C business is an exporter company. The company has made an export contract of 40,000 dollars with the CRD firm located in Italy. The payment method of export is against the goods. Actual export was realized on 12.10.20XX. The IÇB rate is $ 1 = 3.80 TL. Which is the issue record? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 320 02 Foreign Sellers 152.000 601 01 International Sales 152,000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 601 01 International Sales 152,000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 40,000 601 01 International Sales 40,000 D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 02 International Buyers 152,000 600 01 Domestic Sales 152,000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 02 X Bank DTH 152.000 601 01 International Sales 152,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

15 - C business is an exporter company. The company has made an export contract of 40,000 dollars with the CRD firm located in Italy. The payment method of export is against the goods. Actual export was realized on 12.10.20XX. The IÇB rate is $ 1 = 3.80 TL. Which is the issue record?
A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT

320 02 Foreign Sellers 152.000

601 01 International Sales 152,000


B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT

120 02 International Buyers 152,000

601 01 International Sales 152,000


C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT

120 02 International Buyers 40,000

601 01 International Sales 40,000


D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT

120 02 International Buyers 152,000

600 01 Domestic Sales 152,000


E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT

102 02 X Bank DTH 152.000

601 01 International Sales 152,000

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Foreign Exchange Transactions
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education