Business, 05.05.2020 21:10 FailingstudentXD

On August 1, Steffen Computers, Inc. purchased thirty computer chips on account from a company located in Taiwan for 520,000 Taiwan dollars. On that date the Taiwan dollar is worth $0.034 On September 1, when the Taiwan dollar was worth $0.036, payment was made. The journal entry on September 1 by Steffen Computers Inc. would include a: (Round your final answer to the nearest dollar) (A) credit to Cash$17, 680. (B) debit to Accounts Payable $18, 720. (C) debit to Foreign-Currency Transaction Loss-$1040. (D) credit to Foreign-Currency Transaction Gain-$1040.

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