Question
On November 1, 2013, the Penguin Corporation, a US corporation, sold a machine to Shearwater Corporation, a UK company. The selling price was $9,400 and
On November 1, 2013, the Penguin Corporation, a US corporation, sold a machine to Shearwater Corporation, a UK company. The selling price was $9,400 and Shearwater agreed to pay in pounds on February 1, 20X4. Both corporations are on a calendar year accounting period. Assume that the spot rates for the British pound on
November 1, 2013: $1.60
December 31, 2013: $1.62
February 1, 2014: $1.58
Required:
1- Record the transactions in the General Journals of Penguin Corporation on the dates below:
General Journals Entries | Date |
| 1/11/2013
|
| 31/12/2013
|
| 1/02/2014
|
2- Record the transactions in the General Journals of Shearwater Corporation seller on the dates below:
General Journals Entries | Date |
| 1/11/2013
|
| 31/12/2013
|
| 1/02/2014
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started