Recording Import and Export Transactions Walsh Corporation imports raw materials from other countries and exports finished goods to customers throughout the world. Information regarding four such transactions occurring in the last accounting period, all denominated in units of foreign currency, is given below:

Required
Prepare the journal entries made by Walsh to record the above events on the transaction date and on the payment date.

Transcribed Image Text:

Spot Rate at Transaction Date Spot Rate at Payment Date Country Amount 1. Import from Taiwan .100,000 T dollars 2. Import from Poland .....600,000 zloty 3. Export to Brazil400,000 real 4. Export to Switzerland950,000 francs $0.033 0.300 0.296 0.750 $0.038 0.285 0.263 0.786