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On July 1,2013,Great White North (GWN)Inc.purchased merchandise from a supplier in the U.S.for $800,000 with terms requiring full payment by October 31,2013.On July 2,GWN entered into a forward contract to purchase $800,000 U.S.on October 31,2013 at a rate of $1.2275CDN.
On October 31,GWN paid its supplier in full.Selected dates and spot rates are shown below:
-Prepare any and all Journal Entries you deem necessary to record the above transaction.

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The following information pertains to questions 
On July 1,2013,Great White North (GWN)Inc.purchased merchandise from a supplier in the U.S.for $800,000 with terms requiring full payment by October 31,2013.On July 2,GWN entered into a forward contract to purchase $800,000 U.S.on October 31,2013 at a rate of $1.2275CDN.
On October 31,GWN paid its supplier in full.Selected dates and spot rates are shown below: 
-Prepare any and all Journal Entries you deem necessary to record the above transaction.

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The Answer of The following information pertains to questions 
On July 1,2013,Great White North (GWN)Inc.purchased merchandise from a supplier in the U.S.for $800,000 with terms requiring full payment by October 31,2013.On July 2,GWN entered into a forward contract to purchase $800,000 U.S.on October 31,2013 at a rate of $1.2275CDN.
On October 31,GWN paid its supplier in full.Selected dates and spot rates are shown below: 
-Prepare any and all Journal Entries you deem necessary to record the above transaction.

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