ACT 406 - Foreign Currency Transactions Homework The following are transactions of a U.S.-based company called international Treasures that Imports and exports goods. Record the journal entries for each of the transactions below. 1. On May 16, 2018, International Treasures purchased Norwegian sweaters from a Norwegian company called Sate Genserfor 6,000 NOK. The transaction is denominated in NOK and the amount due is payable on May 31, 2018 2. On May 31, 2018, International Treasures paid the 6,000 NOK owed to Sete Genser. 3. On June 6, 2018, International Treasures sold boxes of macaroni and cheese to ICA, a Swedish grocery store chain, for 10,000 SEK. The transaction is denominated in SEK and the amount is due from ICA on July 6, 2018. 4. On June 15, 2018, International Treasures purchased sausages from a German company called Schlechterwurst for 3,000 EUR. The transaction is denominated in EUR and the amount due is payable on July 15, 2018 5. International Treasures prepares its quarterly financial statements for the quarterending June 30, 2018. Make the following journal entries: a. The journal entry to accrue any unrealized foreign currency gain or loss and to present any foreign currency payables at the proper amount. b. The journal entry to accrue any unrealized foreign currency gain or loss and to present any foreign currency receivables at the proper amount. 6 9. On July 6, 2018, International Treasures receives the 10,000 SEK payment from ICA. 6. On July 15, 2018, International Treasures makes the 3,000 EUR payment to Schelechterwurst. ACT 406 - Foreign Currency Transactions Homework The following are transactions of a U.S.-based company called international Treasures that Imports and exports goods. Record the journal entries for each of the transactions below. 1. On May 16, 2018, International Treasures purchased Norwegian sweaters from a Norwegian company called Sate Genserfor 6,000 NOK. The transaction is denominated in NOK and the amount due is payable on May 31, 2018 2. On May 31, 2018, International Treasures paid the 6,000 NOK owed to Sete Genser. 3. On June 6, 2018, International Treasures sold boxes of macaroni and cheese to ICA, a Swedish grocery store chain, for 10,000 SEK. The transaction is denominated in SEK and the amount is due from ICA on July 6, 2018. 4. On June 15, 2018, International Treasures purchased sausages from a German company called Schlechterwurst for 3,000 EUR. The transaction is denominated in EUR and the amount due is payable on July 15, 2018 5. International Treasures prepares its quarterly financial statements for the quarterending June 30, 2018. Make the following journal entries: a. The journal entry to accrue any unrealized foreign currency gain or loss and to present any foreign currency payables at the proper amount. b. The journal entry to accrue any unrealized foreign currency gain or loss and to present any foreign currency receivables at the proper amount. 6 9. On July 6, 2018, International Treasures receives the 10,000 SEK payment from ICA. 6. On July 15, 2018, International Treasures makes the 3,000 EUR payment to Schelechterwurst