Warren Co$.,$ located in Canada, purchased raw materials from a supplier in US for $$85,000$ US

on June $16,2022$ on credit with payment date as October $16,2022.$ Warren Co$.$ prepares its

finaacials on a monthly basis. The purchase invoice was paid on due date

The FX rates recorded were as follows:

$16-$Jun USD $1=1\mathrm{.}245$ CDN

$30-$Jun USD $1=1\mathrm{.}221$ CDN

$31-$Jul USD $1=1\mathrm{.}261$ CDN

$31-$Aug USD $1=1\mathrm{.}258$ CDN

$30-$Sep USD $1=1\mathrm{.}299$ CDN

$16$ Oct. USD $1=1\mathrm{.}287$ CDN

 

 

Prepare all neceesary journal entries to record the transactions.

ASSETS Liabilities.

Answer rating: 100% (QA)

To record the purchase of raw materials by Warren Co from a US supp... View the full answer