Gaw Produce Co.purchased inventory from a Japanese company on December 18,2011.Payment of 4,000,000 yen (¥)was due on January 18,2012.Exchange rates between the dollar and the yen were as follows: $\begin{array}{cc}
& \text { Exchange } & \
\underline{ \text { Date }} & \underline{\text { Rate}} \
\text { December 18, 2011} &¥1=\$ .0080 \
\text { December 31, 2011 } &¥ 1=\$ .0082 \
\text { January 18,2012 } &¥ 1=\$ .0083 \
\text { } &\
\end{array}$

Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.

Question

Gaw Produce Co.purchased inventory from a Japanese company on December 18,2011.Payment of 4,000,000 yen (¥)was due on January 18,2012.Exchange rates between the dollar and the yen were as follows: $\begin{array}{cc}
&  \text { Exchange  } &  \
\underline{ \text { Date }} & \underline{\text {  Rate}} \
 \text {  December 18, 2011} &¥1=\$ .0080  \
 \text { December 31, 2011 } &¥ 1=\$ .0082 \
 \text { January 18,2012 } &¥ 1=\$ .0083 \
 \text {  } &\
\end{array}$

Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.

Quizplus · Accepted Answer

The Answer of Gaw Produce Co.purchased inventory from a Japanese company on December 18,2011.Payment of 4,000,000 yen (¥)was due on January 18,2012.Exchange rates between the dollar and the yen were as follows: $\begin{array}{cc}
&  \text { Exchange  } &  \
\underline{ \text { Date }} & \underline{\text {  Rate}} \
 \text {  December 18, 2011} &¥1=\$ .0080  \
 \text { December 31, 2011 } &¥ 1=\$ .0082 \
 \text { January 18,2012 } &¥ 1=\$ .0083 \
 \text {  } &\
\end{array}$

Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.

Gaw Produce Co Required: Prepare All Journal Entries for Gaw Produce Co

Gaw Produce Co Required:
Prepare All Journal Entries for Gaw Produce Co