GAF manufactures electrical cells at its St. Louis facility. The companys fiscal year-end is September 30. It
Question:
All exchange rates are direct quotations.
Required:
A. Prepare the journal entries required on the books of GAF to record the transactions and year-end adjustments. Round all computations to the nearest dollar.
B. Based on the two exporting transactions listed above, complete the followingtable.
Transcribed Image Text:
Transaction Sept. 5 Sept. 14 September 90, 2008, year-end: 1. Sales 2. Transaction gain (loss) September 30, 2009, year-end: 3. Sales 4. Transaction gain (loss) 5. Net effect on income for both years (Sum lines 1-4)_ 6. Cash received on settlement date
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Part A Sept 5 Accounts Receivable 19580 Sales 17341 x 11291 19580 5 Cost of Goods Sold 9500 Inventor...View the full answer
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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
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