Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
$$\begin{array} { | l | l | }
\hline \text { Dec 21 }
&\text{Purchased inventory from Acquilla Co. for 500,000 Mexican pesos. The}\
&\text{exchange rate was \$ 0.0914 per peso. The credit terms were n / 30 .}\
\hline \text { Dec 31 } &
\text { The exchange rate was } \$ 0.0917 \text { per peso. }\
\hline \text { Jan 20 }
&\text{Paid Acquilla Co. for the December 21 purchase. The exchange rate was \$ 0.0920}\
&\text{per peso.}\
\hline
\end{array}$$

Question

Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
 $$\begin{array} { | l | l | } 
\hline \text { Dec 21 } 
&\text{Purchased inventory from Acquilla Co. for 500,000 Mexican pesos. The}\
&\text{exchange rate was  \$ 0.0914 per peso. The credit terms were n / 30 .}\
\hline \text { Dec 31 }  &
\text { The exchange rate was } \$ 0.0917 \text { per peso. }\
\hline \text { Jan 20 }
&\text{Paid Acquilla Co. for the December 21 purchase. The exchange rate was \$ 0.0920}\
&\text{per peso.}\
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
 $$\begin{array} { | l | l | } 
\hline \text { Dec 21 } 
&\text{Purchased inventory from Acquilla Co. for 500,000 Mexican pesos. The}\
&\text{exchange rate was  \$ 0.0914 per peso. The credit terms were n / 30 .}\
\hline \text { Dec 31 }  &
\text { The exchange rate was } \$ 0.0917 \text { per peso. }\
\hline \text { Jan 20 }
&\text{Paid Acquilla Co. for the December 21 purchase. The exchange rate was \$ 0.0920}\
&\text{per peso.}\
\hline
\end{array}$$