Prepare appropriate journal entries for apfelwein enterprise

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F-C Denominated Export Transactions

Apfelwein Enterprises (a US based entity) enters into a transaction with Frankfurt Manufacturing (a German-based company) on December 1, 20X1, to sell 100,000 units of an inventory item costing €10 each. Apfelwein shipped the inventory (i.e., title transfers) on December 1, with payment in Euros receivable on March 1, 20X2. Apfelwein prepares quarterly financial statements, and its fiscal year end is December 31. The relevant exchange rates for the period from December 1, 20X1 to March 1, 20X2 are as included in the above-presented exchange-rate table.

problem 1: prepare the appropriate journal entries for Apfelwein Enterprises.

Reference no: EM132859023

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