7a. On July 1, 2017, Alpha Company purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase.  On July 30, 2017, Alpha paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0097 on the date of payment. Use this information to prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.

General Journal:

Date	Accounts	Debit	Credit

7b. On January 2, 2016, Alpha Corporation issued 1,500 shares of $6 par value common stock. The issue price was $15 per share. On January 15, Alpha Corporation issued 1,100 shares of its $100 par 5% cumulative preferred stock for $105 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 and January 15 entries.

Date	Accounts	Debit	Credit
1/2/16
1/15/16

Answer rating: 100% (QA)

Alpha Company Journal Entries 7a Inventory Purchase and Payment July 1 2017 Date Accounts Debit Cred... View the full answer