Arkansana Inc.imports inventory from Costa Rica.Prepare the journal entries for Arkansana to record the following transactions.Include any year-end adjustments.
$$\begin{array} { | l | l | }
\hline & \text { Purchased inventory from Rojas Co. for } 5,000,000 \text { Costa Rican colon. The } \
\text { Dec } 21 & \text { exchange rate was } \$ 0.002 \text { per colon. The credit terms were } n / 30 . \
\hline \text { Dec } 31 & \text { The exchange rate was } \$ 0.0023 \text { per colon. } \
\hline & \text { Paid Rojas Co. for the December } 21 \text { purchase. The exchange rate was } \
\text {Jan } 20 & \$ 0.0021 \text { per colon. }\
\hline
\end{array}$$

Question

Arkansana Inc.imports inventory from Costa Rica.Prepare the journal entries for Arkansana to record the following transactions.Include any year-end adjustments.
 $$\begin{array} { | l | l | } 
\hline & \text { Purchased inventory from Rojas Co. for } 5,000,000 \text { Costa Rican colon. The } \
\text { Dec } 21 & \text { exchange rate was } \$ 0.002 \text { per colon. The credit terms were } n / 30 . \
\hline \text { Dec } 31 & \text { The exchange rate was } \$ 0.0023 \text { per colon. } \
\hline & \text { Paid Rojas Co. for the December } 21 \text { purchase. The exchange rate was } \
\text {Jan } 20 & \$ 0.0021 \text { per colon. }\
\hline 
\end{array}$$

Quizplus · Accepted Answer

The Answer of Arkansana Inc.imports inventory from Costa Rica.Prepare the journal entries for Arkansana to record the following transactions.Include any year-end adjustments.
 $$\begin{array} { | l | l | } 
\hline & \text { Purchased inventory from Rojas Co. for } 5,000,000 \text { Costa Rican colon. The } \
\text { Dec } 21 & \text { exchange rate was } \$ 0.002 \text { per colon. The credit terms were } n / 30 . \
\hline \text { Dec } 31 & \text { The exchange rate was } \$ 0.0023 \text { per colon. } \
\hline & \text { Paid Rojas Co. for the December } 21 \text { purchase. The exchange rate was } \
\text {Jan } 20 & \$ 0.0021 \text { per colon. }\
\hline 
\end{array}$$