Assignment Choice #1: Foreign Transactions

Using theAssignment Choice 1spreadsheet (linked at the bottom of this instruction), review the foreign transactions between Company X, Vendor A, and Customer A. Prepare the journal entries for each transaction on each date, if required, on the books of Company X, only.

Follow the instructions you see on the Data tab of the attached worksheet. Show all calculations within the cells of the Excel spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Make good use of explaining in detail each journal entry that you make or do not make on each date to convey your thought process as well. There should be no hard coding of solutions.

Dates Spot Rates (US$ to ) 12/11/2013 12/21/2013 12/11/2013 12/21/2013 12/31/2013 1/10/2014 1/20/2014 $ 1.50 $ 1.52 $ 1.55 $ 1.59 $ 1.60 Transactions Company X acquired Product X from overseas Vendor A at a cost of 100,000 and paid cash on this date to Vendor A for the purchase. Company X sold Product X to Customer A for 200,000 (Payment is due and was received from the customer on 1/20/2014). Note: Assume Company X invoices Customer A for the sale of Product X in the foreign currency, , and will receive payment Company X maintains it's books in the US Dollar Currency. Required: Show the journal entries required (if any) at each of the above dates for Company X only. No journal entries are required to be shown for Customer A or Vendor A-only Company X. You should use Excel to show the basis of each of your calculations for each numeric journal entry that you make. Please follow the assumptions detailed in the above note for Company X in preparing your journal entries. See the Tab below titled Module 3 Journal Entries to prepare and explain each one of the required journal entries. Submit th It is important that each journal entry that you make contains an explanation of why you did what you did. If a journal entry (entries) are not required at one or more of the above dates, please type in the date and explain briefly wh is the foreign currency unit (note: it is not Japanese Yen); 1 = $1.50 US Dollar on 12/11/2013. ncy, , and will receive payment from Customer A in the foreign currency, . entry that you make. ournal entries. quired journal entries. Submit this file to your Instructor for grading. d what you did. n the date and explain briefly why no entry is/was required. Format Date Debit Account Debit Amount Credit Account Company X Journal Entries Credit Amount