On November 1,2010,the Yankee Corporation,a US corporation,purchased and received an extruding machine from Wales Corporation,a UK company.The purchase price was $10,000(U.S.dollars)and Yankee agreed to pay in pounds on February 1,2011.Both corporations are on a calendar year accounting period.Assume that the spot rates for the British pound on November 1,2010,December 31,2010,and February 1,2011,are $1.60,$1.62,and $1.66,respectively.
Required:
Record the November 1,December 31,and February 1 transactions in the General Journals of Yankee Corporation and Wales Corporation.If no entry is required on a particular date,indicate "No entry" in the General Journal.

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The Answer of On November 1,2010,the Yankee Corporation,a US corporation,purchased and received an extruding machine from Wales Corporation,a UK company.The purchase price was $10,000(U.S.dollars)and Yankee agreed to pay in pounds on February 1,2011.Both corporations are on a calendar year accounting period.Assume that the spot rates for the British pound on November 1,2010,December 31,2010,and February 1,2011,are $1.60,$1.62,and $1.66,respectively.
Required:
Record the November 1,December 31,and February 1 transactions in the General Journals of Yankee Corporation and Wales Corporation.If no entry is required on a particular date,indicate "No entry" in the General Journal.

On November 1,2010,the Yankee Corporation,a US Corporation,purchased and Received an Extruding