Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Sep 2017 My Price 5.00

American TV Corporation

American TV Corporation had two foreign currency transactions during December 2011, as follows:
December 12 Purchased electronic parts from Toko Company of Japan at
an invoice price of 50,000,000 yen when the spot rate for yen
was $0.00750. Payment is due on January 11, 2012.
December 15 Sold television sets to British Products Ltd. for 40,000 pounds
when the spot rate for British pounds was $1.65. The invoice
is denominated in pounds and is due on January 14, 2012.
REQUIRED
1. Prepare journal entries to record the foregoing transactions.
2. Prepare journal entries to adjust the accounts of American TV Corporation at December 31, 2011, if the current exchange rates are $0.00760 and $1.60 for Japanese yen and British pounds, respectively.
3. Prepare journal entries to record payments to Toko Company on January 11, 2012, when the spot rate for Japanese yen is $0.00765, and to record receipt from British Products Ltd. on January 14, 2012, when the spot rate for British pounds is $1.63.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Sep 2017 02:09 PM My Price 5.00

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