Question: On March 1 2013 a U S company made a credit
On March 1, 2013, a U.S. company made a credit sale requiring payment in 30 days from a Malaysian company, Hamac Sdn. Bhd., in 20,000 Malaysian ringgits. Assuming the exchange rate between Malaysian ringgits and U.S. dollars is $ 0.4538 on March 1 and $ 0.4899 on March 31, prepare the entries to record the sale on March 1 and the cash receipt on March 31.
Relevant QuestionsPrepare journal entries to record the following transactions involving the short- term securities investments of Duke Co., all of which occurred during year 2013. a. On March 22, purchased 1,000 shares of RIP Company stock ...Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2013. Use the account Short-term Investments ...Leigh of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2013, Leigh sold merchandise on credit to Bronson Ltd. of London at a price of 17,000 pounds. The exchange rate ...Harris Company, which began operations in 2013, invests its idle cash in trading securities. The following transactions relate to its short- term investments in its trading securities. 2013 Mar. 10 Purchased 2,400 shares of ...Assume that you are Jolee Company’s accountant. Company owner Mary Jolee has reviewed the 2013 financial statements you prepared and questions the $ 6,000 loss reported on the sale of its investment in Kemper Co. common ...
Post your question