On March 1, 20X8, Wilson Corporation sold goods for a U.S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai baht. The payment is received on May 10. The exchange rates were: March 1:1 baht =$0.031 May 10:1 baht = 0.034 What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on May 10? A.Accounts Receivable (baht)93 Foreign Currency Transaction Gain 93B.Accounts Receivable (baht)3,000 Foreign Currency Transaction Gain 3,000C.Foreign Currency Transaction Loss3,000 Accounts Receivable (baht) 3,000D.Sales93 Foreign Currency Transaction Gain 93
A. Option A
B. Option B
C. Option C
D. Option D
Answer: B
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