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Purchased inventory on credit from a british company

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On February 1, Jacher Company, a U.S. company, purchased inventory on credit from a British Company for 50,000. Jacher properly recorded its inventory and accounts payable at $90,000, based on an exchange rate of $1.80. Jacher paid for the inventory on February 25 when the exchange rate was $1.75. Prepare the journal entry of Jacher Company to record the payment. 

Reference no: EM13873106

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