(b) White Cliffs Co, whose year-end is 31 December, buys some goods from Rinka SA of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate moved as follows. € to $1 30 September 30 November 31 December 31 January 1.60 1.80 1.90 1.85 Required State the accounting entries in the books of White Cliffs Co.

(b) White Cliffs Co, whose year-end is 31 December, buys some goods from Rinka SA of France on 30 September. The invoice value is €40,000 and is due for settlement in equal instalments on 30 November and 31 January. The exchange rate moved as follows. € to $1 30 September 30 November 31 December 31 January 1.60 1.80 1.90 1.85 Required State the accounting entries in the books of White Cliffs Co.

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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