Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis.
Assume the following exchange rates and dates:
December 15……………..$0.04:1 Peso
December 31……………..$0.05:1 Peso
March 15…………………..$0.06:1 Peso
Submission Requirements:
Prepare a PowerPoint slide presentation answering the following:
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso Submission Requirements: Prepare a PowerPoint slide presentation illustrating the following: The journal entry by your company on December 15, the adjusting entry...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso The journal entries are as follows: Date Account Dr Cr 15-Dec Inventory 6,000 Accounts Payable 6,000 To record purchase of...
Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos in an amount of 150,000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates and dates: December 15……………..$0.04:1 Peso December 31……………..$0.05:1 Peso March 15…………………..$0.06:1 Peso The journal entry by your company on December 15, the adjusting entry on December 31, and the payment entry on March 15....
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