An electronic gadgets manufacturing company purchases the chips to be installed in the gadgets from a supplier in USA.

On March $25$th $,2020$ it purchased $$150,000$ US worth of electronic chips with $3$months credit $($payment date June $25$th$,2$

The exchange rates on $1-$Mar$-20$ USD $1=$ CAD $1\mathrm{.}231$

April $012020$ USD $1=$ CAD $1\mathrm{.}242$

May $012020$ USD $1=$ CAD $1\mathrm{.}226$

June $012020$ USD $1=$ CAD $1\mathrm{.}229$

Prepare journal entries for the transactions on March $25,$ April $01,$ May $01$ and June $25.$

Answer rating: 100% (QA)

Answer To prepare the journal entries for the given transactions we need to calculate the Canadian d... View the full answer