A USCorpPurchased a Computer from a French Firm on July 1

question 45

Essay

A U.S.Corp.purchased a computer from a French firm on July 1, 2020, when a Euro cost $0.25.The U.S.firm will be required to pay the French manufacturer 75,000 Euros on August 1, 2020, when the Euro costs $0.23.
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Required:
Make the necessary journal entries for the U.S.firm on July 1 and August 1.

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Definitions:

Majority Voting

A decision-making process in which the option receiving more than half of the votes wins, commonly used in democratic elections and organizations.

Economically Inefficient Outcomes

Occurs when resources are not utilized or allocated optimally, leading to waste or a loss in potential value.

Paired-Choice Vote

A voting system where voters choose between pairs of candidates in a series of rounds, narrowing down the options to a winner.

Ranked Preferences

A method of ordering options or choices based on their desirability or importance to an individual or group.