Journal entries for an account payable denominated in Mexican Pesos ($US weakens)

Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos (Peso) in the amount of 150,000 Pesos. Your company operates on a calendar year basis.

Assume the following exchange rates:

December 15$0.040:1 PesoDecember 31$0.050:1 PesoMarch 15$0.060:1 Peso

CLICK HERE TO REVIEW LEARNING CIBJECI'IVES 1 QUSI'ION 1 Not changed since last attempt Marked out of 20.00 '7 Flag question journal entries for an account payable denominated in Mexican Pesos {SUS weakens} Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice species that payment is to be macle on March 15 in Mexican Pesos (Peso) in the amount of 150. 000 Pesos. Your company operates on a calendar year basis. Assume the following exchange rates: Page 41 I December 15 30.0401 Peso December 31 50.0501 Peso March 15 $006.01 Peso Prepare the journal entries to record the purchase {assume perpetual inventory accounting)r the required adjusting entryr at December 31. and the payment on March 15. cannula-1n\" Date Description Debit Credit Dec 1 5 9 Dec 31 0 Mar 15 Accounts payable 0 U Check