3. Prepare the journal entry to record receipt of payment by
Hamada LLC if the spot rate on dirhams was 4.75 dirhams/GBP on
April 2, 2020.
Suppose that on February 1, 2020, Victoria, Plc., a British
company, makes a sale and ships goods to Hamada, LLC, an Emirati
customer, for 100,000 (GBP).
However, it is agreed that Hamada will pay in dirhams on April
2, 2020. The exchange (spot) rate as of February 1, 2020 is 5
dirhams per Great...