On November 29, 20x1, ABC Co. placed a non-cancellable purchase order for the importation of a machine with a purchase price of €40,000 from a company based in France.  The contract term is FOB shipping point.  The machine was shipped on December 1, 20x1 and was received by ABC on December 15, 20x1.  The purchase price was settled on January 3, 20x2. The following are the exchange rates:  November 29, 20x1 – ₱55:€1;  December 1, 20x1 – ₱58:€1; December 15, 20x1 – ₱57:€1; December 31, 20x1 – ₱60:€1; January 3, 20x2 – ₱61:€1.  The entry on November 29, 20x1 includes:... a. None of the choices b. A credit to machinery for P2,320,000 c. A debit to machinery for P2,320,000 d. A debit to accounts payable for P2,320,000   pls. answer it asap thank youu

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On November 29, 20x1, ABC Co. placed a non-cancellable purchase order for the importation of a machine with a purchase price of €40,000 from a company based in France.  The contract term is FOB shipping point.  The machine was shipped on December 1, 20x1 and was received by ABC on December 15, 20x1.  The purchase price was settled on January 3, 20x2. The following are the exchange rates:  November 29, 20x1 – ₱55:€1;  December 1, 20x1 – ₱58:€1; December 15, 20x1 – ₱57:€1; December 31, 20x1 – ₱60:€1; January 3, 20x2 – ₱61:€1.  The entry on November 29, 20x1 includes:...

a. None of the choices

b. A credit to machinery for P2,320,000

c. A debit to machinery for P2,320,000

d. A debit to accounts payable for P2,320,000

 

pls. answer it asap thank youu

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