Question

Exercise 12-1

Selco, a U.S. Company, imports and exports tools, shop equipment, and industrial construction supplies. The company uses a periodic inventory system. During April the company entered into the following transactions. All rate quotations are direct exchange rates.

April	3		Purchased power tools from a wholesaler in Japan, on account, at an invoice cost of 1,670,000 yen. On this date the exchange rate for the yen was $0.0079.
	5		Sold hand tools on credit that were manufactured in the U.S. to a retail outlet located in West Germany. The invoice price was $3,100. The exchange rate for marks was $0.5792.
	9		Sold electric drills on account to a retailer in New Zealand. The invoice price was 18,500 U.S. dollars and the exchange rate for the New Zealand dollar was $0.5724.
	11		Purchased drill bits on account from a manufacturer located in Belgium. The billing was for 801,282 francs. The exchange rate for francs was $0.0312.
	16		Paid 1,090,000 yen on account to the wholesaler for purchases made on April 3. The exchange rate on this date was $0.0074.
	18		Settled the accounts payable with the Belgium manufacturer. The exchange rate was $0.0372.
	22		Received full payment from the New Zealand retailer. The exchange rate was $0.5634.
	30		Completed payment on the April 3 purchase. The exchange rate was $0.0085.

Prepare journal entries on the books of Selco to record the transactions listed above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 18
Apr. 3Apr. 5Apr. 9Apr. 11Apr. 16Apr. 18Apr. 22Apr. 30
Apr. 30

HELP PLEASE!!

Answer 1

credit | $13,193 $3,100 $ 18,500 $25000 Answert Journal entries Ibate - particulars LF Debit Apr-3 purchase Ale 1670,000x$0.007707 13,193 5 Accounts payable Being purchase of tools] Apr-5 Accounts Receivable Ale or $3,100 TO Sales Revenue seing secord sales] Apr-9 Accounts Receivable ale Ox $ 18,500 TO Sales Revenue Being record sales] Apr-!l purchase Ale 801,282*$0.0312] or $25,000 TO Accounts payable [Being purchase of tools] 16 Accounts payable al1.090.000 x-facola $8,611 To Gain on foreign exchange. To cash (1,099000x$0.00747 Being payment on account? 4pv-18 Accounts payable Ale or $25000 Loss on foreign exchange Ale or $4.808 To cash 1801,282 x$0.0372] Being payment on account] spr-22 cash Ale or $18,500 To Accounts Recerable Being collection on account] Apr-30 Accounts payable At or | $ 4582 (1.670,000 -1,090,000)* $0.0079] Loss on foreign exchange Ak of | $348 - To cash [1670000-1090000) x $0.0085] $545 $8,066 $29,808 $18,500 $4,930