On September 3, 2008, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were:
September 3: 1 Swiss franc = $.85
October 10: 1 Swiss franc =$.90
What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on October 10?
On March 1, 2008, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai bahts. The payment is received on May 10. The exchange rates were:
March 1: 1 baht = $.031
May 10: 1 baht = $.034
What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on May 10?