On December 1, 20X1, Rone Imports, a U.S. company, purchased clocks from Switzerland for 15,000 francs (SFr) to be paid on January 15, 20X2. Rone's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are December 1, 20X1 December 31, 20X1 January 15, 20X2 1 SFr 1 SFr = 1 SFr = Denominated in 1 $ 0.70 0.66 0.68 Required: a. In which currency is the transaction denominated? b. Prepare journal entries for Rone to record the purchase, the adjustment on December 31, and the settlement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On December 1, 20X1, Rone Imports, a U.S. company, purchased clocks from Switzerland for 15,000 francs (SFr) to be paid on January 15, 20X2. Rone's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are Required: a. In which currency is the transaction denominated? b. Prepare journal entries for Rone to record the purchase, the adjustment on December 31 , and the settlement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare journal entries for Rone to record the purchase, the adjustment on Decersber 31, and the settlement. af no entry is required or a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the revaluation of the foreign currency payable to the U.S. dollar equivalent value. Note: finter debits before credits. Journal entry worksheet Record the revaluation of accounts payable to the current U.S. dollar equivalent. Note: Enter debits before credits. ivoter : Enter dedits berore creolts: Journal entry worksheet 2 Record the purchase of Swiss francs. Note: Enter debits before credits