What entry is required to revalue foreign currency payable, Accounting Basics

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What entry is required to revalue foreign currency payable

On September 3, 2008, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were September 3: 1 Swiss franc = $.85 October 10: 1 Swiss franc = $.90 What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on October 10?

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Accounting Basics: What entry is required to revalue foreign currency payable

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