On November 1, 2014, the Yankee Corporation, a US corporation, purchased and received machine from Wales...
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On November 1, 2014, the Yankee Corporation, a US corporation, purchased and received machine from Wales Corporation, a UK company. The purchase price was £6250 ($10,000) and Yankee agreed to pay in pounds on February 1, 2015. Both corporations are on a calendar year accounting period. Assume that the spot rates for the British pound on November 1, 2014, December 31, 2014, and February 1, 2015, are $1.60, $1.65, and $1.625, respectively. Yankee's General Joumal "Buyer" 11/01/14: 12/31/14 02/01/15 Wales' General Jourmal "Seller" 11/01/14: 12/31/14 02/01/15 On November 1, 2014, the Yankee Corporation, a US corporation, purchased and received machine from Wales Corporation, a UK company. The purchase price was £6250 ($10,000) and Yankee agreed to pay in pounds on February 1, 2015. Both corporations are on a calendar year accounting period. Assume that the spot rates for the British pound on November 1, 2014, December 31, 2014, and February 1, 2015, are $1.60, $1.65, and $1.625, respectively. Yankee's General Joumal "Buyer" 11/01/14: 12/31/14 02/01/15 Wales' General Jourmal "Seller" 11/01/14: 12/31/14 02/01/15
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Complete required solution GENERAL JOURNALS OF YANKEE CORPORATION Date ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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