Gaw Produce Company purchased inventory from a Japanese company on December 18, 2013. Payment of 4,000,000 yen (×) was due on January 18, 2014. Exchange rates between the dollar and the yen were as follows: $\begin{array}{ll}
\text { Date } & \begin{array}{c}
\text { Exchange } \
\text { Rate }
\end{array} \
18,2013& ¥ 1=\$ .0080 \
\text { December } 31,2013 & ¥ 1=\$ .0082 \
\text { January } 18,2014 & ¥ 1=\$ .0083
\end{array}$ Required:
Prepare all journal entries for Gaw Produce Co. in connection with the purchase and payment.

Question

Gaw Produce Company purchased inventory from a Japanese company on December 18, 2013. Payment of 4,000,000 yen (×) was due on January 18, 2014. Exchange rates between the dollar and the yen were as follows: $\begin{array}{ll}
\text { Date } & \begin{array}{c}
\text { Exchange } \
\text { Rate }
\end{array} \
 18,2013& ¥ 1=\$ .0080 \
\text { December } 31,2013 & ¥ 1=\$ .0082 \
\text { January } 18,2014 & ¥ 1=\$ .0083
\end{array}$ Required:
Prepare all journal entries for Gaw Produce Co. in connection with the purchase and payment.

Quizplus · Accepted Answer

The Answer of Gaw Produce Company purchased inventory from a Japanese company on December 18, 2013. Payment of 4,000,000 yen (×) was due on January 18, 2014. Exchange rates between the dollar and the yen were as follows: $\begin{array}{ll}
\text { Date } & \begin{array}{c}
\text { Exchange } \
\text { Rate }
\end{array} \
 18,2013& ¥ 1=\$ .0080 \
\text { December } 31,2013 & ¥ 1=\$ .0082 \
\text { January } 18,2014 & ¥ 1=\$ .0083
\end{array}$ Required:
Prepare all journal entries for Gaw Produce Co. in connection with the purchase and payment.

Gaw Produce Company Purchased Inventory from a Japanese Company on December