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Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
On April 1, A. C. Corporation, a calendar-year
U.S. electronics manufacturer, buys 32.5 mil- lion yen worth of computer chips from the Hidachi Company paying 10 percent down, the balance to be paid in 3 months. Interest at 8 percent per annum is payable on the unpaid foreign currency balance. The U.S. dollar/ Japanese yen exchange rate on April 1 was
$1.00 = ¥93.6250; on July 1 it was $1.00 =
Â¥93.5283.
Required: Prepare dated journal entries in U.S. dollars to record the incurrence and settlement of this foreign currency transaction assuming:
A. C. Corporation adopts a single-transac- tion perspective, and
it employs a two-transactions perspective.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll