On Oct. 1, 2023 A Palestinian Company purchased Goods from Jordanian Company by 20,000 JD payable on Jan. 31, 2023, the transaction is dominated by JD. The exchange rate of 1 JD to NIS is as following: 1 JD= NIS Oct.1, 2023 4.95 Dec. 31, 2023 5.00 Jan 31, 2024 5.2 The Required Entry should be prepared by Palestinian Company on Jan.31, 2024 is A/P 4000 FCT Gain 4000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On Oct. 1, 2023 A Palestinian Company purchased Goods from Jordanian Company by 20,000 JD payable on Jan. 31, 2023, the transaction is
dominated by JD. The exchange rate of 1 JD to NIS is as following:
1 JD= NIS
Oct.1, 2023
4.95
Dec. 31, 2023
5.00
Jan 31, 2024
5.2
The Required Entry should be prepared by Palestinian Company on Jan.31, 2024 is
A/P 4000
FCT Gain 4000
Transcribed Image Text:On Oct. 1, 2023 A Palestinian Company purchased Goods from Jordanian Company by 20,000 JD payable on Jan. 31, 2023, the transaction is dominated by JD. The exchange rate of 1 JD to NIS is as following: 1 JD= NIS Oct.1, 2023 4.95 Dec. 31, 2023 5.00 Jan 31, 2024 5.2 The Required Entry should be prepared by Palestinian Company on Jan.31, 2024 is A/P 4000 FCT Gain 4000
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