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Harris Incorporated had the following transactions: On May 1 , Harris purchased parts from a Japanese company for a U . S . dollar equivalent
Harris Incorporated had the following transactions: On May Harris purchased parts from a Japanese company for a US dollarequivalent value of $ to be paid on June The exchange rates were May yen $ June yen On July Harris sold products to a Brazilian customer for a US dollar equivalent of $ to be received on August Brazils local currency unit is the real. The exchange rates were July real $ August real Required: Assume that the two transactions are denominated in US dollars. Prepare the entries required for the dates of the transactions and their settlement in US dollars. Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company yen and the Brazilian customer real
Harris Incorporated had the following transactions:
On May Harris purchased parts from a Japanese company for a US dollarequivalent value of $ to be paid on June The exchange rates were
May yen $
June yen
On July Harris sold products to a Brazilian customer for a US dollar equivalent of $ to be received on August Brazils local currency unit is the real. The exchange rates were
July real $
August real
Required:
Assume that the two transactions are denominated in US dollars. Prepare the entries required for the dates of the transactions and their settlement in US dollars.
Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company yen and the Brazilian customer real
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