Solution-At what amount should the account receivable be

At what amount should the account receivable be recorded

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Question - John Inc., a retail company located in the U.S. sold products on account for 440,000 rupees on November 30 to Global Inc., an Indian company. The amount will be paid in 60 days. On the date of sale, one dollar was equal to 50 rupees. On December 31, when John prepares its financial statements, the exchange rate is 45 rupees to $1.00. At what amount should the account receivable be recorded on November 30?

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At what amount should the account receivable be recorded

Reference no: EM133153705

Reference no: EM133153705

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