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E a trade name because Walmart is a legal trade name of the corporation
Answer:
Our company will recognize the loss on its next statement date.
Explanation:
The exchange rate between two currencies is the rate at which one can be exchanged for the other during trade.
The stronger a currency the less of it will be involved in the exchange, while the weaker the currency the more of it will be required in the exchange.
In this instance the transaction is Euro based. When the payable was incured the rate was $1.2 to €1.
Now the rate has increased to $1,27 per €1. This implies that the company will lose 1.20 - 1.27= -$0.07 per every Euro.
This loss will be recorded on the next statement date.
Answer:
$3,000
Explanation:
<em>The historical cost principles states that asset purchased are to be recorded at their initial cost of historical cost value. </em>
<em>According to International Accounting Standards (IAS) 16, property plants and equipment, the cost of an asset includes all of the cost necessary to bring and make it ready for the intended use. </em>
These costs include purchase cost, fees and commission associated with the purchase transaction.
Going by this principle, the computer should be recorded at the purchase cost of $3,000
Answer and Explanation:
The Journal entries are shown below:-
Office equipment Dr, RM8,000
To Cash RM3,000
To Accounts payable RM5,000
(Being purchase of office equipment is recorded)
Here we debited the office equipment as it increased the assets and credited the cash and account payable as it decreased the assets and increased the liabilities