On November 15 20x1,. Lemon co. ordered merchandise, on an FOB shiping point term, from a foreign entity for 200,000 marks. The merchandise 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 P22.4955 December 10, 20x1 P22.4875 December 31, 20x1 P22.4675 January 10, 20x2 P22.4475 Requirement: Provide the journal entries in 20x1 and 20x2
On November 15 20x1,. Lemon co. ordered merchandise, on an FOB shiping point term, from a foreign entity for 200,000 marks. The merchandise 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 P22.4955 December 10, 20x1 P22.4875 December 31, 20x1 P22.4675 January 10, 20x2 P22.4475 Requirement: Provide the journal entries in 20x1 and 20x2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On November 15 20x1,. Lemon co. ordered merchandise, on an FOB shiping point term, from a foreign entity for 200,000 marks. The merchandise 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 P22.4955
December 10, 20x1 P22.4875
December 31, 20x1 P22.4675
January 10, 20x2 P22.4475
Requirement: Provide the
Transcribed Image Text:an FOB shiping point term, from a foreign entity for 200,000
marks. The merchandise was shipped and invoiced to Lemon
1. On November 15, 20x1, Lemon Co. ordered merchandise, on
on December 10, 20x1. Lemon paid the invoice on January 10,
yea
year.
Jat
Avera
Dec. 3
PROBLEM 3: EXERCISES
A sur
the es
an FOB shiping point term, from a foreign entity for 200
marks. The merchandise was shipped and invoiced to L
on December 10, 20x1. Lemon paid the invoice on Januar 10
State
As a
20x2. The spot rates are as follows:
ASS
Nov. 15, 20x1
P22.4955
Inve
Oth
December 10, 20x1
P22.4875
TO
December 31, 20x1
P22.4675
January 10, 20x2
P22.4475
LIP
Requirement: Provide the journal entries in 20x1 and 20X2.
(Adapted)
Lia
Sh
merchandise to a
quire
Re
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