On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31? a. 7.500 debit to 100-Cash($) and credit to 646-Forex Gain b. 7.500 debit to 100-Cash($) and credit to 656-Forex Loss c. 37.500 debit to 100-Cash($) and credit to 646-Forex Gain d. 7.500 debit to 656-Forex Loss and credit to 100-Cash($)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On Dec 31, the company has $30.000 on hand; Cash($) account has a balance of 45.000 TL and exchange rate is 1,25 TL/$. Which entry is made on Dec 31?

a.
7.500 debit to 100-Cash($) and credit to 646-Forex Gain

b.
7.500 debit to 100-Cash($) and credit to 656-Forex Loss

c.
37.500 debit to 100-Cash($) and credit to 646-Forex Gain

d.
7.500 debit to 656-Forex Loss and credit to 100-Cash($)

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