not use ai please On Oct. 1, 2023 A Palestinian Company purchased Goods from Jordanian Company by 20,000 JD payable on Jan. 31, 2023, the transaction isdominated by JD. The exchange rate of 1 JD to NIS is as following:1 JD= NISOct.1, 20234.95Dec. 31, 20235.00Jan 31, 20245.2The Required Entry should be prepared by Palestinian Company on Jan.31, 2024 isA/P 4000FCT Gain 4000

Step 1:Dec. 31, 2023 Price5Jan. 31,2024 Price5.2Difference - (Gain)/Loss.2Multiply by underlying…

Answered: On Oct. 1, 2023 A Palestinian Company…

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 . PL Co purchased goods on credit from a US supplier costing $US 225,000 on 5th June 2020 when the exchange rate was A$1 = US0.69 . On 30 June 2020, balance date , the exchange rate was A$1 = US0.72 . PL Co paid the US supplier on 7th July 2020 when the exchange rate was A$1 = 0.74. Required : Prepare the journal entries for the above
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Problem 2: Old Colonial Corp. (a U.S. company) made a sale to a foreign customer on September 15, 2018, for 100,000 stickles. Payment was received on October 15, 2018. The following exchange rates applied: Date Rate Date Rate Date Rate Sept. 15, 2018 51-5.48 Sept 30, 2018 51-5.50 Oct. 15, 2018 51-5.44 Required: Prepare all journal entries for Old Colonial Corp. in connection with this sale assuming that the company closes its books on September 30 to prepare interim financial statements.
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On 1 December 2019, Company EX, with a functional currency and presentation currency in HKD, sold and deliver an inventory to a customer in Paris at EUR10,000. EX has received the money only in 2020. Exchange rate of EUR/HKD was 8.79 and 8.96 respectively on 1 December 2019 and 31 December 2019. Required: Prepare the journal entries for EX in HKD for the year ended 31 December 2019
2.Jameson Ltd purchased goods on credit from a European supplier costing Euros 80,000 on 29th May 2020 when the exchange rate was A$1 = O.78 Euros. At 30th June 2020, its balance date . the exchange rate was A$1 = 0.79 Euros . Jameson Ltd paid the European supplier on 5th July 2020 when the exchange rate was A$1= 0.76 Euros Required: Prepare the journal entries for the above
Required: All journal entries for Bright in connection of this sale, assuming that the end of accounting period is 31, December every year
How much is the foreign exchange gain (loss) to be recognized by Entity A on January 6, 20x2
On July 1, 2020, a Filipino entity whose functional currency is Philippine Peso purchased on account inventories at a cost of $100 to be paid on June 30, 2021. On October 1, 2020, the said inventories were soid on account by the Filipino entity at a selling price of $150 to be collected on September 30, 2021. The following direct foreign exchange rates are given: July 1,2020 October 1, 2020 December 31, 2020 Buying Spot P40 P42 P45 Selling Spot P50 P48 P52 56. What is the gross profit to be reported by the Filipino entity for the year ended December 31, 2020? a. 1,300 b. 2,100 c. 2,400 d. 3,200 57. what is the net foreign currency gain or loss for the year ended December 31, 2020? a. 150 net gain b. 250 net gain c. (350) net loss d. (50) net loss
H1. Account
6. A U.S. company executed a series of transactions in a foreign country during 2021. The appropriate exchange rates during 2021 were as follows: Date June 1, 2021 August 1, 2021 December 31, 2021 Exchange Rate $.77 = §1 $.80 = §1 $.83 = §1 The following transactions occurred during 2021: June 1 Bought inventory of $50,000 on credit. Sold all inventory for $65,000 on credit. Aug. 1 Required: Prepare all journal entries in U.S. dollars along with any December 31, 2021 adjusting entries. Show your work
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