n November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 350,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 32.6975 December 10, 20x1 32.6895 December 31, 20x1 32.6695 January 10, 20x2 32.6495 Requirement: Provide the journal entries in 20x1 and 20x2.

Q: An invoice of $3168 from Scottish Importers has cash terms of 4/20 EOM and is dated June 5. Find (a)…

A: formula: Cash discount Amount = Invoice amount x Discount rate

Q: Provide correct calculation

A: Reference:Bragg, S. (2023, December 12). Accounting for sales discounts —  AccountingTools.…

Q: discount. The invoice was settled by cheque five days later. Which one of the following gives the…

A: Before getting into the journal entries, it is important to understand a few terms first: When a…

Q: An invoice dated November 6 in the amount of $38929 with terms of 2%2/10, 1/15 ROG, 2% penalty per…

A: Note: 1/15,ROG: Here, 1 represent the discount rate if payment is made within 15 days from the…

Q: Sims Company regularly sells merchandise to Laurier Supply on terms 2/15, n/30 and records sales at…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 1. On 9/20/22, Manhattan Trading shipped goods costing $200,000 to Queens Appliances Store on…

A: The perpetual inventory system means that the changes to inventory are immediately recorded through…

Q: On December 1, TRES Company sells ₱3,000 of merchandise on account to QUATRO with credit terms of…

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within thirty days. And if…

Q: On June 1 Hammer Company purchased inventory from a foreign supplier at a price of 75,000 FCU (FCU…

A: The journal entries are as below:

Q: A bank enters into a forward purchase TT covering an export bill for Swiss Francs 1,00,000 at *…

A: First the contract will be cancelled at TT selling rate :USD/ Rupee spot selling rate…

Q: Alpha Company, whose journal entry is in the dollar, purchased goods with an invoiced value of…

A: INTRODUCTION:- This question involves preparing journal entries for a company called Alpha Company,…

Q: On November 1, 20x2, Irvin Corp. sold goods to John Company for 130,000 rupee. Payment is due on…

A: Here, Forward Rate of November contract is 0.85 Spot Rate at Match is 0.87 Amount is 130,000

Q: On November 1, 20x2, Irvin Corp. sold goods to John Company for 130,000 rupee. Payment is due on…

A: Amount = 130,000 Rupee Forward Rate of Nov 1,20x2 contract = 0.85 Spot Rate at Mar. 30, 20x3 = 0.87

Q: On June 1 Hitch Company sold goods to a foreign customer at a price of 15,000 Foreign Currency Units…

A: Forward Contract is a contract between a buyer and seller in which the buyer has an obligation to…

Q: 8. Robin Hood, a trader, made the following transaction of goods, exclusive of vat during the second…

A: Value added tax(VAT) is a indirect tax it means valued added in goods and services sold and levied…

Q: Book the following transactions from the perspective of the buyer and the seller: Apr 19 Spoke Co.…

A: Interest on note = Face value of note x rate of interest x no. of days/365 days = $80000 x 10% x…

Q: CPA Co. factored accounts receivable of P2,500,000 with credit terms of 3/10, n/30 immediately after…

A: Cash is an asset which is used as consideration for exchange of goods and services. It is treated as…

Q: On 1/6, Majid Commercial Markets bought merchandise for the amount of 96000 dinars, and the terms of…

A: Credit terms 2/10, n/20 means that discount of 2% will be allowed if payment is made within 10 days,…

Q: Plus Inc. exports flour to Germany. Prepare journal entries, including explanation to record the…

A: Step 1 Journal   is the Part of Book keeping.

Q: 20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800,…

A: 2. Journal General Date Account title and explanation Post Ref. Debit Credit Feb 01 Accounts…

Q: An invoice received from Royal Exporters totaled $ 695.50$695.50​, was dated October 33​, and…

A: Credit term is 2 / 12 ROG.The interpretation is if the payment is done within 12 days of "Receipt Of…

Q: Within 10 days following a sale, a company receives payment of a $20,000 account receivable with…

A: Sales discount = Accounts receivable x rate of discount

Q: Boeing Truck Company received an invoice showing 12 tires at $114 each, 15 tires at $157 each, and…

A: An account payable is defined as the amount a business owed for purchases they made on credit. they…

Q: fers two credit terms to YVONE as follows: Credit term number 1: 2/15, net 30 C

A: A term that helps in indicating when the amount of payment is due for the sales and made on credit…

Q: Company Zumba delivers goods to Customer Yuppie on 1 January 2018. The agreement between the two…

A:

Q: Note: Steel Alternatives Corp. records sales usingthe NET method. On March 6 Steel Alternatives…

A: The journal entries are prepared to keep the record of day to day transactions of the business.…

Q: After paying P846,740 and being allowed a discount of P17,260 for prompt settlement, P312,560 was…

A: Calculation of amount paid towards current year purchases - Particulars  Amount  Cash paid…

Q: 28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items…

A: The complete amount of income earned from the sale of products or services before any returns,…

Q: Import Exclusives Ltd received an invoice from Dansk Specialties of Copenhagen with terms 5/20…

A:

Q: A VAT registrant purchases goods for 15,000 Baht with a tax invoice issued. Then, the goods are sold…

A: The input VAT is the value added tax paid on the acquisition of products or services. In this…

Q: Lerin Corp. had the following transactions in 20X1: a. Sold goods on 3 January to a U.S. customer…

A:

Q: Asap 2012 MARCH A retailer received an invoice of RM4,500 dated 6 July 2010 with trade discount…

A: Trade discount is the amount of discount which is being given to all the customers on list price of…

Q: Vision Importing Company engaged in the following transactions involving promissory notes: Jul 2…

A: Notes payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: Honesty Company placed a purchase order to a Singaporean Company on October 9, 2022. The contract…

A: Monetary items like cash debtor creditors loans are translated at either(i) when settled apply the…

Q: On May 20, 2022, when the spot rate is $1.18/€, a U.S. company buys merchandise from a supplier in…

A: The price offered for prompt settlement of an interest rate, commodity, asset, or currency is known…

Q: Invoice amount of $28,700 on June 25 Partial Payment made on July 20th of 6,000 Return goods of…

A: The Term 4/20 means if payment is made within a period of 20 days then a 4% discount is given to the…

Q: On June 1 Hammer Company purchased inventory from a foreign supplier at a price of 75,000 FCU (FCU…

A: The journal entries are shown as below: