10.00 points Bartlet Company, headquartered in Cincinnati, Ohio, has occasional transactions with companies in a foreign country whose currency is the lira Transactions in 2015 February 1 April 1 June 1 August October 1 November 1 Bought equipment for 59,000 braon credit Pald for the equipment purchased February 1 Bought inventory for 87.000 lira on credit Sold 60 percent of Inventory purchased June 1 for 59.000 Hra on credit Collected 47,200 tra from the sales made on August 1, 2015 Pald 58.000 lira on the debts incurred on June 1, 2015 Transactions in 2016 February 1 March 1 Colected remaining 11,800 lira from August 1, 2015, sales Pald remaining 29,000 ra on the debts incurred on June 1, 2015 Currency exchange rates for 1 lira for 2015 February 1 April June 1 August 1 October November December 31 5053 054 0.56 0.57 058 059 061 Currency exchange rates for 1 lira for 2016 February 1 March 1 $060 0.64 Prepare youmal entries for the following transactions in US dollars. Also prepare any necessary adjusting entrs at December 31 Cosed by fluctuations in the value of the fira Assume that the company uses a perpetual Inventory system (Do not found intermediate calculations. If no entry is required for a transaction event, select "No joumal entry required in the first account field.) View bransaction list O Type here to search Prepare journal entries for the following transactions in US dollars. Also prepare any necessary adjusting entries at December 31 caused by fluctuations in the value of the bra. Assume that the company uses a perpetual Inventory system (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction list X 1 Record the purchase of equipment. 11 > 2 Record the payment for equipment purchased on February 1. 3 Record the purchase of inventory. 4 Record the sales. Credit 5 Record the cost of goods sold. 6 Record the collection from accounts receivable 7 Record the payment for inventory purchased on June 1. Note: Journal entry has been entered Record entry Clear entry View general journal References eBook & Resources Problem Difficulty: Medium Type here to search O Apps Student Portal Welcome My Life Prepare jumal entries for the following transactions in US dollars. Also prepare any necessary adjusting entries December 31 caused by fluctuations in the value of the Ira. Assume that the company uses a perpetual inventory system (Do not found intermediate calculations. If no entry is required for a transactio event, select "No journal entry required" in the first account field) View transactions x 4 Record the sales 11 > s Record the costly goods sold 6 Record the collection from accounts receivable. 7 Record the payment for Inventory purchased on June 1 8 Record the adjustment to the value of lira payable. Credit 9. Record the adjustment to the value of lira receivable 10 Record the remaining collection from August sales 11 Record the remaining payment for June purchase. = journal entry has been entered Record entry Clear entry View general Journal References eBook & Resources Problem Duty: Medium Type here to search O
