Homework Answers
Answer:
| Date | Account title | Debit | Credit |
| 15 sep | cash | 60180 | |
| Account receivable (crown) | 60180 | ||
| (102000*0.59) | |||
| (To record receipt of payment) | |||
| 30 sep | Account receivable (crown) | 5100 | |
| Foreign exchange gain | 5100 | ||
| (102000*(0.64-0.59)) | |||
| (To record change in the exchange rate) | |||
| 15 oct | foreign exchange loss | 4080 | |
| Account receivable (Crown) | 4080 | ||
| (102000*(0.60-0.64)) | |||
| (To record change in the exchange rate ) | |||
| 30 Oct | Cash | 61200 | |
| Account receivable (crown) | 61200 | ||
| (102000*0.60) | |||
| (To record receipt of payment) |
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Peerless Corporation (a U.S. company made a sale to a foreign customer on September 15, for 102,000 crowns. It r...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 100,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15…………………….$0.60 September 30……………………….0.66 October 15……………………………0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.
25. Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15,...
25. Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 100,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15 September 30 October 15 $0.60 0.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for...
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 103,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply September 15 September 30 October 15 $ e.60 e.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal...
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On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
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Vino Veritas Company, a U.S.-based importer of wines and spirits, placed an order with a French...
Vino Veritas Company, a U.S.-based importer of wines and
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572,000 euros. Relevant exchange rates for the euro are as
follows:
Date
Spot Rate
Forward Rate
to October 31
Call Option Premium
for October 31
(strike price $1.65)
September 15
$
1.65
$
1.71
$
0.035
September 30
1.70
1.74
0.070
October 31
1.75
1.75...
January 25, 2018. Currency exchange rates for 1 schilling are as follows: December 15, 2017 December...
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On September 8, a company provides services on account to a customer for $1,800, terms 3/10,...
On September 8, a company provides services on account to a customer for $1,800, terms 3/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the service revenue...
25. Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 100,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply: September 15 September 30 October 15 $0.60 0.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements.
Peerless Corporation (a U.S. company) made a sale to a foreign customer on September 15, for 103,000 crowns. It received payment on October 15. The following exchange rates for 1 crown apply September 15 September 30 October 15 $ e.60 e.66 0.62 Prepare all journal entries for Peerless in connection with this sale, assuming that the company closes its books on September 30 to prepare interim financial statements. (If no entry is required for a transaction/event, select " No journal...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
Vino Veritas Company, a U.S.-based importer of wines and
spirits, placed an order with a French supplier for 2,200 cases of
wine at a price of 260 euros per case. The total purchase price is
572,000 euros. Relevant exchange rates for the euro are as
follows:
Date
Spot Rate
Forward Rate
to October 31
Call Option Premium
for October 31
(strike price $1.65)
September 15
$
1.65
$
1.71
$
0.035
September 30
1.70
1.74
0.070
October 31
1.75
1.75...
January 25, 2018. Currency exchange rates for 1 schilling are as follows: December 15, 2017 December 31, 2017 January 25, 2018 January 31, 2018 $ 0.28 0.30 0.33 0.34 Prepare all journal entries for Lisbeth Company in connection with this purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record inventory purchase from foreign supplier Note: Enter...
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,500 tires to the Nixon Car Company for $50 each. The terms of the sale were 3/10, n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and...
On September 8, a company provides services on account to a customer for $1,800, terms 3/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the service revenue...
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