Search or type a command General Posts Files Class Notebook Assignments Grades Meeting Notes +421 ACCT421 Notebook 02 immersive Reader Open in app Question : Rally Bicycles Inc. is a British company that manufactures bicycles. Many of the components for the bicycles are purchased abroad and the finished product is sold to customers located in foreign countries. Following shows some of the transactions taking place during the year of 2009 and 2010: October 22, 2009 Sold on credit 2,000 bicycles to Race Inc., a retailer in Germany, at a price of 280 each. Speed Inc, agreed to collect the full amount in Euros from Race Inc. on 12 February, 2010. The spot exchange rate at the time of sale was 0.85 per . (Assume that Rally Inc. uses periodic inventory system) November 10, 2009 Purchased on credit from Lion Tire Inc., a US company, 1500 bicycle tires. The purchase price was $40 per tire and spot exchange rate at the time of purchase was 0.76 per SUS. Rally Inc. paid half the total price in cash at the time of purchase and agreed to pay the remaining balance in two equal installments. First installment was to be paid on December 12, 2009 and second one on March 12, 2010. November 10, 2009 Purchased on credit a "bicycle assembly machine" from a Japanese firm. The purchase price was 140,000. Spot exchange rate at the time of purchase was 0.1 per Rally Inc. agreed to pay the full amount on March 28, 2010. December 12, 2009 Paid the amount payable to Lion Tire Inc, as the first installment of liability At the date of payment, the exchange rate was 0.75 per SUS. Feb 12, 2010 Collected the amount receivable from Race Inc. Current Exchange rate was, 0.80 per . March 12, 2010 Paid the remaining amount payable to Lion Tire Inc. At the date of payment, the exchange rate was 0.73 per SUS. March 28, 2010 Paid the amount payable to the Japanese firm. At the date of payment, the exchange rate was 0.12 per k. Note: At 31 December 2009, the exchange rates were as follows: 0.74 - 1 SUS 0.11 - 1 0.83-1 09-10 Required Required Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2009. Prepare the adjusting entries needed at December 31, 2009 for the Rally Inc to adjust its ACCT421 Notebook EP Immersive Reader Open in app ALLA VELLALLPAY MY MEME At the date of payment, the exchange rate was 0.75 per SUS. Feb 12, 2010 Collected the amount receivable from Race Inc. Current Exchange rate was, 0.80 per . March 12, 2010 Paid the remaining amount payable to Lion Tire Inc. At the date of payment, the exchange rate was 0.73 per SUS. March 28, 2010 Paid the amount payable to the Japanese firm. At the date of payment, the exchange rate was 0.12 per . Note: At 31 December 2009, the exchange rates were as follows: 0.74 = 1 $US 0.11 = 1 0.83 = 1 Required Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2009. Prepare the adjusting entries needed at December 31, 2009 for the Rally Inc to adjust its accounts payable and accounts receivable. Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2010. Search or type a command General Posts Files Class Notebook Assignments Grades Meeting Notes +421 ACCT421 Notebook 02 immersive Reader Open in app Question : Rally Bicycles Inc. is a British company that manufactures bicycles. Many of the components for the bicycles are purchased abroad and the finished product is sold to customers located in foreign countries. Following shows some of the transactions taking place during the year of 2009 and 2010: October 22, 2009 Sold on credit 2,000 bicycles to Race Inc., a retailer in Germany, at a price of 280 each. Speed Inc, agreed to collect the full amount in Euros from Race Inc. on 12 February, 2010. The spot exchange rate at the time of sale was 0.85 per . (Assume that Rally Inc. uses periodic inventory system) November 10, 2009 Purchased on credit from Lion Tire Inc., a US company, 1500 bicycle tires. The purchase price was $40 per tire and spot exchange rate at the time of purchase was 0.76 per SUS. Rally Inc. paid half the total price in cash at the time of purchase and agreed to pay the remaining balance in two equal installments. First installment was to be paid on December 12, 2009 and second one on March 12, 2010. November 10, 2009 Purchased on credit a "bicycle assembly machine" from a Japanese firm. The purchase price was 140,000. Spot exchange rate at the time of purchase was 0.1 per Rally Inc. agreed to pay the full amount on March 28, 2010. December 12, 2009 Paid the amount payable to Lion Tire Inc, as the first installment of liability At the date of payment, the exchange rate was 0.75 per SUS. Feb 12, 2010 Collected the amount receivable from Race Inc. Current Exchange rate was, 0.80 per . March 12, 2010 Paid the remaining amount payable to Lion Tire Inc. At the date of payment, the exchange rate was 0.73 per SUS. March 28, 2010 Paid the amount payable to the Japanese firm. At the date of payment, the exchange rate was 0.12 per k. Note: At 31 December 2009, the exchange rates were as follows: 0.74 - 1 SUS 0.11 - 1 0.83-1 09-10 Required Required Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2009. Prepare the adjusting entries needed at December 31, 2009 for the Rally Inc to adjust its ACCT421 Notebook EP Immersive Reader Open in app ALLA VELLALLPAY MY MEME At the date of payment, the exchange rate was 0.75 per SUS. Feb 12, 2010 Collected the amount receivable from Race Inc. Current Exchange rate was, 0.80 per . March 12, 2010 Paid the remaining amount payable to Lion Tire Inc. At the date of payment, the exchange rate was 0.73 per SUS. March 28, 2010 Paid the amount payable to the Japanese firm. At the date of payment, the exchange rate was 0.12 per . Note: At 31 December 2009, the exchange rates were as follows: 0.74 = 1 $US 0.11 = 1 0.83 = 1 Required Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2009. Prepare the adjusting entries needed at December 31, 2009 for the Rally Inc to adjust its accounts payable and accounts receivable. Prepare the accounting entries in the accounting records of Rally Inc. necessary to record the transactions taking place in 2010