On May 1, 2020, St. Johns Brew Supplies Inc. borrowed US$140,000 from its bank. St. Johns year-end
Question:
On May 1, 2020, St. John’s Brew Supplies Inc. borrowed US$140,000 from its bank. St. John’s year-end is December 31, 2020. Exchange rates were as follows:
Required:
Prepare the required journal entries to record receipt of the loan proceeds and for any adjustments required at year-end. Ignore the interest component.
Transcribed Image Text:
May 1, 2020 December 31, 2020 Average rate May 1-December 31, 2020 US$1.00 = C$1.02 US$1.00 = C$1.04 US$1.00 = C$1.03
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
May 1 2020 Debit Cash C144800 Credit Bank Loan US140000 December 31 2020 Debit Foreign ...View the full answer
Answered By
Ernie Moises Evora
I have worked as a teacher, a tutor and instructor.
I have also worked as a community leader in my community.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare the general journal entries to record the following transactions of the Quinones County General Fund: 1. Quinones County borrowed $1,000,000 by issuing six-month tax anticipation notes...
-
Prepare the necessary journal entries to record the following transaction for the city of Small ville during 2017 in the general fund and account groups, and specify the account group used. Entries...
-
Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system: (a) Purchased $400,000 of merchandise on account, terms 2 / 10, n / 30 (b) Returned...
-
Consider the many moments of joy in the movie. Why include them? What risky acts of courage do Katherine, Mary and Dorothy take? How are they rewarded? The film shows the strong relationships that...
-
Using the data given in Exercise 12.43, display the X matrix for the following two production models: In exercise a. = 0 + 1x1 + 2x2 + 3x1x2 b. = 0 + 1x1 + 2x2 + 3x1x2 + 4x21 + 5x22 8425446522 732352...
-
Would you recommend a divisional structure by geographic area, product, customer, or process for a medium-sized bank in your local area? Why?
-
The November cash records of Stenback, Inc., follow: Stenbacks Cash account shows the balance of $6,172 on November 30. On November 30, Stenback received the following bank statement: Additional data...
-
Campbell Corporation reports regular taxable income of $210,000 in the current year. Campbell takes into account the following facts when calculating the $210,000 amount. Campbell deducts $100,000...
-
Answer all questions. Answers must be written within the answer boxes provided. Working may be continued below the lines, if necessary. 1. [Maximum mark: 6] In this question, give all answers correct...
-
The All Frame Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Martin Flack, the company controller, is responsible for preparing the master...
-
On December 15, 2020, Edmonton Horticulture Society (EHS) received supplies on account costing US$5,000 from a vendor in Washington. EHS, whose year-end is December 31, 2020, paid the account in full...
-
On January 1, 2020, Zoe Robinson signed a 10-year franchise agreement that gave her the exclusive rights to sell Exclaim donuts in Halifax, Nova Scotia. The terms of the agreement required Zoe to pay...
-
The following errors were made in the accounting records of Gagnon Corp. in 2013 and were not discovered until 2014. a. Management revenue of $3,750 earned in 2013 was not recorded until it was...
-
Consider the following very complex projects: The construction of a new elementary school in a busy urban center. List who you think would be your main stakeholders for the project you selected and...
-
A share of ABC Corp. is currently trading at $59 per share. European call and put options are available with an exercise price of $60 at a price of $4.74 and $3.51, respectively. They can be...
-
Babbitt Ranches Case Questions 1. Why might the goals and operations of a family business be different than those of a publicly traded company? Provide specific examples from the case that support...
-
A company is under pressure from influential shareholders to change its dividend policy. The company has always followed the residual dividend policy, but the influential shareholders feel that the...
-
Explain the importance of financial objectives and how those objectives are defined in terms of the return on equity (ROE)
-
Label each set of chemically equivalent protons, using a for the set that will be at the lowest frequency (farthest upfield) in the 1H NMR spectrum, b for the next, etc. Indicate the multiplicity of...
-
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) What is the stock dividend? (b) What is a stock split?...
-
Eeyore Toys made significant renovations to one of its retail stores. Total costs of the renovation were $800,000 completed over six months ending October 31, 2014. The company financed the...
-
Abacus Energy drilled a natural gas well in northern Alberta and began producing from the well immediately. The companys geological engineers estimate that the well will be productive for 10 years....
-
Acorn Mines began developing an open pit copper and zinc mine in northern Ontario in April of 2014. As part of the regulatory approvals to develop and to extract minerals from the site, the company...
-
An electromagnet can be modeled as an inductor in series with a resistor. Consider a large electromagnet of inductance L = 14.5 H and resistance R = 7.50 2 connected to a 24.0-V battery and switch as...
-
Suppose the mass of ice, 1 3 g , is measured with a scale that measures to 0 . 1 g . Calculate the percent precision ( % ) of the measured mass of the ice.
-
Suppose you want the current through a 1.95 H inductor in series with a 0.45 Q2 resistor to be reduced to 0.100% of its initial value. 50% Part (a) In how much time, in seconds, will this occur after...
Study smarter with the SolutionInn App