Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
$\begin{array}{|l|l|}
\hline\text { Dec 21 } & \begin{array}{l}
\text { Purchased inventory from Acquilla Co. for } 500,000 \text { Mexican pesos. The } \
\text { exchange rate was } \$ 0.0914 \text { per peso. The credit terms were } 1 / 30 .
\end{array} \
\hline \text { Dec 31 } & \text { The exchange rate was } \$ 0.0917 \text { per peso. } \
\hline \text { Jan 20 } & \begin{array}{l}
\text { Paid Acquilla Co. for the December } 21 \text { purchase. The exchange rate was } \$ 0.0920 \
\text { per peso. }
\end{array}\
\hline
\end{array}$

Question

Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
 $\begin{array}{|l|l|}
\hline\text { Dec 21 } & \begin{array}{l}
\text { Purchased inventory from Acquilla Co. for } 500,000 \text { Mexican pesos. The } \
\text { exchange rate was } \$ 0.0914 \text { per peso. The credit terms were } 1 / 30 .
\end{array} \
\hline \text { Dec 31 } & \text { The exchange rate was } \$ 0.0917 \text { per peso. } \
\hline \text { Jan 20 } & \begin{array}{l}
\text { Paid Acquilla Co. for the December } 21 \text { purchase. The exchange rate was } \$ 0.0920 \
\text { per peso. }
\end{array}\
\hline
\end{array}$

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.
 $\begin{array}{|l|l|}
\hline\text { Dec 21 } & \begin{array}{l}
\text { Purchased inventory from Acquilla Co. for } 500,000 \text { Mexican pesos. The } \
\text { exchange rate was } \$ 0.0914 \text { per peso. The credit terms were } 1 / 30 .
\end{array} \
\hline \text { Dec 31 } & \text { The exchange rate was } \$ 0.0917 \text { per peso. } \
\hline \text { Jan 20 } & \begin{array}{l}
\text { Paid Acquilla Co. for the December } 21 \text { purchase. The exchange rate was } \$ 0.0920 \
\text { per peso. }
\end{array}\
\hline
\end{array}$