Question: Adjusting Entry at Balance Sheet Date Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31.

Adjusting Entry at Balance Sheet Date Yum! Brands, Inc. has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given.

Required
Prepare the adjusting entry recorded by Yum! Brands at December 31. Show all calculations.

Item $ Balance FC Balance Spot rate 1. Receivable 2. Receivable.. 3. Payable. 4. Payable 240,000 550,000 50,000 225,000 Canadian dollars 400,000 Jordan dinar 200,000 Saudi Arabian riyal $0.08 1.02 1.35 0.26

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