Exporting Transactions-Journal Entries Jung Farms Exports Wheat to Germany.In the Space Provided Below,prepare

question 6

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.15,2014: 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.31,2014: 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.15,2015: 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.

---

Definitions:

Exchange

The act of giving one thing and receiving another in return, often referring to the trade of goods, services, or financial instruments.

Functions Of Money

The core roles money plays in an economy, including serving as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.

Medium Of Exchange

An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.

Unit Of Account

A common unit for measuring the value of each good or service.