Business, 05.05.2020 17:43 julih74

Assume that your company purchases inventories from a Canadian supplier on November 3. The invoice specifies that payment is to be made on February 1 in Canadian dollars ($CAD) in the amount of $200,000 (CAD). Your company operates on a calendar year basis. Assume the following exchange rates: November 3 $0.77:CAD$1 December 31 $0.72:CAD$1 February 1 $0.74:CAD$1 Prepare the journal entries to record the purchase (assume perpetual inventory accounting), the required adjusting entry at December 31, and the payment on February 1. Date Description Debit Credit 11/3 Answer Answer Answer Answer Answer Answer 12/31 Answer Answer Answer Answer Answer Answer 2/1 Accounts payable

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Assume that your company purchases inventories from a Canadian supplier on November 3. The invoice s...

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