Gaw Produce Co.purchased inventory from a Japanese company on December 18,2009.Payment of ¥400,000 was due on January 18,2010.Exchange rates between the dollar and the yen were as follows:
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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 18,2009.Payment of ¥400,000 was due on January 18,2010.Exchange rates between the dollar and the yen were as follows:
SHAPE \* MERGEFORMAT
  
Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.

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The Answer of Gaw Produce Co.purchased inventory from a Japanese company on December 18,2009.Payment of ¥400,000 was due on January 18,2010.Exchange rates between the dollar and the yen were as follows:
SHAPE \* MERGEFORMAT
  
Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.