Multiple Choice
Alabama Company (a U.S.company) purchases inventory from a Japanese company for 5, 000, 000 yen when the exchange rate is $.012.Alabama makes payment when the exchange rate is .013.When making the journal entry for payment, Alabama Company will record a
A) debit to Cash for $60, 000
B) credit to Cash for $60, 000
C) gain of $5, 000
D) loss of $5, 000
Correct Answer:
Verified
Correct Answer:
Verified
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