Question
2. On December 15, 2017, Lisbeth Inc. (a U.S. company) purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in
2. On December 15, 2017, Lisbeth Inc. (a U.S. company) purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows
| December 15, 2017 | $ | 0.28 | |
| December 31, 2017 | 0.30 | ||
| January 25, 2018 | 0.33 | ||
| January 31, 2018 | 0.34 | ||
Prepare all journal entrie for Lisbeth Company in connection with this purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the entry for changes in the exchange rate
| Date | General Journal | Debit | Credit |
| 01/25/2016 |
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