Homestyle Brands imports materials from other countries and exports finished products to customers throughout the world. Information
Question:
Country Amount Spot Rate at Transaction Date Spot Rate at Payment Date
1. Import from Taiwan 100,000 T dollars $0.033 $0.038
2. Import from Poland 600,000 zloty 0.300 0.285
3. Export to Brazil 400,000 reels 0.421 0.403
4. Export to Switzerland 950,000 Swiss francs 1.050 1.084
Required
Prepare the journal entries made by Homestyle Brands to record the above events on the transaction date and on the payment date.
Import Transaction 1
Import Transaction 2
Export Transaction 3
Export Transaction 4
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Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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