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:
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:  
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:  
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