On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a. 7.500 debit to 100-Cash($) and credit to 646-Forex Gain b. 7.500 debit to 100-Cash($) and credit to 656-Forex Loss c. 37.500 debit to 100-Cash($) and credit to 646-Forex Gain d. 7.500 debit to 656-Forex Loss and credit to 100-Cash($)
On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a. 7.500 debit to 100-Cash($) and credit to 646-Forex Gain b. 7.500 debit to 100-Cash($) and credit to 656-Forex Loss c. 37.500 debit to 100-Cash($) and credit to 646-Forex Gain d. 7.500 debit to 656-Forex Loss and credit to 100-Cash($)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31?
a.
7.500 debit to 100-Cash($) and credit to 646-Forex Gain
b.
7.500 debit to 100-Cash($) and credit to 656-Forex Loss
c.
37.500 debit to 100-Cash($) and credit to 646-Forex Gain
d.
7.500 debit to 656-Forex Loss and credit to 100-Cash($)
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