Gaw Produce Company purchased inventory from a Japanese company on December 18,2018.Payment of 4,000,000 yen (¥)was due on January 18,2019.Exchange rates between the dollar and the yen were as follows:
$\begin{array}{ll}
&\text { Exchange }\
\text { Date } & \text { Rate }\
\text { December } 18,2018 & ¥ 1=\$ .0080 \
\text { December } 31,2018 & ¥ 1=\$ .0082 \
\text { January } 18,2019 & ¥ 1=\$ .0083
\end{array}$

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 18,2018.Payment of 4,000,000 yen (¥)was due on January 18,2019.Exchange rates between the dollar and the yen were as follows:
 $\begin{array}{ll}
&\text { Exchange }\
\text { Date } & \text { Rate }\
\text { December } 18,2018 & ¥ 1=\$ .0080 \
\text { December } 31,2018 & ¥ 1=\$ .0082 \
\text { January } 18,2019 & ¥ 1=\$ .0083
\end{array}$
 
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 18,2018.Payment of 4,000,000 yen (¥)was due on January 18,2019.Exchange rates between the dollar and the yen were as follows:
 $\begin{array}{ll}
&\text { Exchange }\
\text { Date } & \text { Rate }\
\text { December } 18,2018 & ¥ 1=\$ .0080 \
\text { December } 31,2018 & ¥ 1=\$ .0082 \
\text { January } 18,2019 & ¥ 1=\$ .0083
\end{array}$
 
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