4. MAKE THE NECCESSARY JOURNAL ENTRIES FOR FOREIGNCURRENCY TRANSACTIONS1. X Company purchased 15.000 USD cash, for purchasingmerchandise. Parity (rate) is 7,50 TL/ USD. Check is issued forcurrency purchase.2. Merchandise is purchased for 8000 USD + %10 VAT. Cash (USD)paid for merchandise. Parity at Trasaction date is7,30 /USD. VAT is on account.3. Merchandise sold to Domestic Customer, for 30.000 USD + %10VAT .Freight out is 5.400 TL + % 10 VAT.Customer issued a check( USD). For purchase and note received for VAT.4.Company opened 40.000 USD " Demand Deposit Account" in XBank.Parity is 7,60 TL/ USD.5.Vendor's open account is closed by transferring 12.000 USD fromX Bank "Demand Deposit Account" .parity is 7,90 TL/USD.

S no. Particulars Debit Credit 1) Cash (USD) A/C Dr. 11250 To…

Answered: IAKE CURRENCY TRANSACTIONS Company…

IAKE CURRENCY TRANSACTIONS Company purchased 15.000 USD cash erchandise. Parity (rate) is 7,50 TL/ USE arrency purchase. lerchandise is purchased for 8000 USD +

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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1. Import Exclusives Ltd. received an invoice from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for the items listed below. 110 teak trays at $35.50 each 20 teak buckets at $60.10 each 35 teak salad bowls at $54.90 each All items are subject to trade discounts of 31 2/3%, 6 1/2%, and 4%. If the shipment was received on April (a) 26, (b) what is the last day of the discount period? What is the amount due if the invoice is paid in full on May 10? (c) If only a partial payment is made on the last day of the discount period, what amount is needed to reduce the outstanding balance to $2200?
A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
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Financial Accounting Help
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