King agreed to accept 96,000 local currency units (LCU) in full payment for this inventory. Payment was to be made on February 1, 2022.Question: On December 1, 2024, King Company sold inventory to a customer in a foreign country. Purchases and sales in foreign currency create transaction risk. And that may apply to more organisations than you would think. Currency Exchange International specializes in foreign currency exchange. We buy and sell more than 80 foreign currencies and hold currency in stock daily. Tell them you can't accept it. In this blog, we explain three steps (with examples) to properly recording foreign currency transactions under ASC 830. To learn more about the Kings Theatre and our venue policies, browse the answers to our frequently asked questions and start planning your visit today.