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Prepare the adjusting entry the US company makes at December

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Question - U.S. Company has the following receivables and payables denominated in foreign currencies, prior to closing on December 31.

Item

Current $ balance

Foreign currency balance

December 31 spot rate

1. Receivable

$125,840

100,000 euros

$1.25

2. Receivable

372,500

500,000 Singapore dollars

0.75

3. Payable

1,378,000

1,000,000 pounds sterling

1.38

4. Payable

68,000

500,000 Hong Kong dollars

0.13

Required - Prepare the adjusting entry the U.S. company makes at December 31 to update its receivables and payables. Show all calculations.

Reference no: EM132441427

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