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Amiraneli [1.4K]
3 years ago
12

On December 1, Year 1, El Primero Company purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made i

n 90 days after El Primero has sold this merchandise. Sales are made rather quickly, and El Primero pays this entire obligation on February 15, Year 2. The following exchange rates for 1 corona apply:
Date U.S. Dollar per Corona
December 1, Year 1 ……………………. $0.87
December 31, Year 1 …………………… 0.82
February 15, Year 2 ……………………. 0.91
Required:
Prepare all journal entries for El Primero in connection with the purchase and payment.

1/28/Y1 Foreign exchange loss $3,600

Accounts payable (coronas) [40,000 x ($.91-$.82)] $3,600

Accounts payable (coronas) $36,400
Cash $36,400

Why is the last journal entry dated 1/28/Y1?
Business
1 answer:
choli [55]3 years ago
7 0

Answer:

The answer to the question is attached with the document.

Download docx
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