Exporting Transactions-Journal Entries Jung Farms Exports Wheat to Germany. in the Space Provided

question 38

Essay

Exporting transactions-journal entries
Jung Farms exports wheat to Germany. In the space provided below, prepare journal entries to record the following events.
Nov. 15, 2010: Sold wheat to a German restaurant chain at a price of 2 million euros, due in 90 days. The current exchange rate is $0.80 U.S. dollars per euro. (Jung uses the periodic inventory method.)
Dec. 3, 2010: Jung made a year-end adjusting entry relating to the account receivable from the German restaurant chain. The exchange rate at year-end is $0.85 U.S. dollars per Euro.
Feb. 15, 2011: Received a check for $1,640,000 from the InterContinental Bank in full settlement of the receivable from the German restaurant chain. The exchange rate at this date is $0.82 U.S. dollars per euro.

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Definitions:

Anisole

An organic compound consisting of a methoxybenzene group, used as a precursor in the synthesis of other chemicals.

Ortho

In chemistry, a designation used in nomenclature to indicate adjacent or 1,2- substitution in the structure of benzene ring compounds.

Para

In organic chemistry, this term refers to the positioning of substituents on an aromatic ring where two groups are separated by two carbon atoms, leading to a 1,4-relationship.

Bromination of Benzene

A chemical reaction where bromine is added to benzene, typically requiring a catalyst like iron bromide, to form bromobenzene.