Question
ABC purchased inventory from XYZ, a company in Canada, for 70,000 Canadian dollars on May 10, 2022. Payment was made on August 20, 2022. Additionally,
REQUIRED: Prepare all journal entries in the ABC books to record the inventory purchase, forward contract, and inventory payment. ABC uses the perpetual inventory system.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
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