Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Sep 2017 My Price 6.00

Teacup Company

On December 19, 2012, Teacup Company performed services for Candlestick Company. The contracted price for the services was 45,000 euros, to be paid on March 23, 2013. On December 19, 2012, one euro equaled $0.78. On December 31, 2012, one euro equaled $0.84, and on March 23, 2013, one euro equaled $0.73. Teacup is a U.S. company.
Required:
1. Make the journal entry on Teacup’s books to record the provision of services on December 19, 2012.
2. Make the necessary adjusting entry on Teacup’s books on December 31 to adjust the account receivable to its appropriate U.S. dollar value.
3. Make the journal entry on Teacup’s books to record the collection of the 45,000 euros on March 23.
4. Interpretive Question: Why would Teacup, a U.S. company, agree to denominate the contract in euros instead of in U.S. dollars?

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Sep 2017 09:09 AM My Price 6.00

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