1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.
1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
![Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to Taccounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86dadd27-9a4c-40b7-843d-433ab8a2784c%2Fc48bb70e-ac5b-4642-87dc-209a5909a7be%2Fqhg12nr_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following accounts;
Cash
Foreign exchange gain
Foreign exchange loss
Capital
Bank
Short-term investments
Loss on sale of short-term investment
Gain on sale of short-term investment
RA established his own company, r@ktas Co. The following transactions are the events that
occurred during December 2018, the company's first month:
Date
12/1
The owner invested $ 200,000 cash for capital.
12/5
r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro
(Exchange rate was 1 Euro= 1,5 Dollar)
12/10
The Company purchased short-term investment with cash for $2,500.
12/18
The Company sold short-term investment with cash for $2.000
Note:
• Exchange rate was 1 Euro= 1,4 Dollar at the end of the period.
Requirements:
1- Give the journal entry for each transaction.
2- Post each transaction to Taccounts.
![DR.
CR](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86dadd27-9a4c-40b7-843d-433ab8a2784c%2Fc48bb70e-ac5b-4642-87dc-209a5909a7be%2Fiyjq5a7_processed.png&w=3840&q=75)
Transcribed Image Text:DR.
CR
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