Tin Inc completedsales transaction with a company, specifically onnovember 1 2007, Tin inc sold 60,000units of its november product,Tin inc 6000(tin foil package) on account for 90,000,000 taiwandollars. the transaction will be settled in march 312008.
Direct exchange rate
Date Spot rate
Nov 1 2007 $.0245
dec 31 2007 $.0231
jan 1 2008 $ .0220
feb 1 2008 $ .0210
march 31 2008 $.0250
april 30 2008 $. 0240
Prepare Journal Entries to record the transactions,adjust the accounts and settle the contract. Please provide thedate for each journal entry.
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