Course name : Advanced Financial Accounting , explain answers , no handwriting or pictures or copy paste

1.On October 1, 2021, a manufacturing company in Egypt imported raw materials of 100,000 $ from the United States by letter of credit and it will pay for the raw materials after 6 months against promissory note. (4.0 marks)

Exchange rates of Egyptian pound against us $ were as follows:

October 1, 2021 15.70

December 31, 2021 15, 60

March 31, 2022 18.5

Required:

a. Pass journal entries to record purchasing raw materials.

b. Pass journal entries to record the impact of change in exchange rates at the end of the year.

c. journal entries to record payment of liabilities on March 31, 2022.

Answer: