Use the following accounts;CashForeign exchange gainForeign exchange lossCapitalBankShort-term investmentsLoss on sale of short-term investmentGain on sale of short-term investmentRA established his own company, r@ktas Co. The following transactions are the events thatoccurred during December 2018, the company's first month:Date12/1The owner invested $ 200,000 cash for capital.12/5r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro(Exchange rate was 1 Euro= 1,5 Dollar)12/10The Company purchased short-term investment with cash for $2,500.12/18The Company sold short-term investment with cash for $2.000Note:• 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

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Business

Accounting

1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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.

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