Pete Inc., a U.S. company, sold inventory to Ping Pte. Ltd. for 20,000 Singapore dollars and...
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Pete Inc., a U.S. company, sold inventory to Ping Pte. Ltd. for 20,000 Singapore dollars and to Satria Tbk. for 300mn Indonesian rupiahs on December 1, 2014, when the spot rate for the SGD was $0.798 and for the rupiah was $0.0000875. At the same time, Pete purchased merchandise from Patay Inc. for 500,000 Thai baht, when the spot rate for the baht was $0.031. Pete closed its books on December 31, 2014, and collected for the sale and settled the purchase on January 15, 2015. Spot rates are given as follows: Dec 31, 2014 Jan 15, 2015 Singaporean Dollars Indonesian Rupiah $0.76 s0.0000911 S0.802 s0.0000805 $0.0318 Thai Baht s0.029 REQUIRED: Prepare the necessary journal entries to account for the transactions above. Pete Inc., a U.S. company, sold inventory to Ping Pte. Ltd. for 20,000 Singapore dollars and to Satria Tbk. for 300mn Indonesian rupiahs on December 1, 2014, when the spot rate for the SGD was $0.798 and for the rupiah was $0.0000875. At the same time, Pete purchased merchandise from Patay Inc. for 500,000 Thai baht, when the spot rate for the baht was $0.031. Pete closed its books on December 31, 2014, and collected for the sale and settled the purchase on January 15, 2015. Spot rates are given as follows: Dec 31, 2014 Jan 15, 2015 Singaporean Dollars Indonesian Rupiah $0.76 s0.0000911 S0.802 s0.0000805 $0.0318 Thai Baht s0.029 REQUIRED: Prepare the necessary journal entries to account for the transactions above.
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In the Books of Pete Inc Date DrCr Debit Amount Credit amount 1 Dec 2014 Debit Trade receivable Ping ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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