Selco, a U.S. Company, imports and exports tools, shop equipment, and industrial construction supplies. The company uses

Question:

Selco, a U.S. Company, imports and exports tools, shop equipment, and industrial construction supplies. The company uses a periodic inventory system. During April the company entered into the following transactions. All rate quotations are direct exchange rates.
April 3 Purchased power tools from a wholesaler in Japan, on account, at an invoice cost of 1,600,000 yen. On this date the for the yen was $.0072.
5 Sold hand tools on credit that were manufactured in the U.S. to a retail outlet located in West Germany. The invoice price was $2,800. The for marks was $.5829.
9 Sold electric drills on account to a retailer in New Zealand. The invoice price was 16,800 U.S. dollars and the for the New Zealand dollar was $.576.
11 Purchased drill bits on account from a manufacturer located in Belgium. The billing was for 801,282 francs. The for francs was $.0312.
16 Paid 1,000,000 yen on account to the wholesaler for purchases made on April 3.
The on this date was $.0067.
18 Settled the with the Belgium manufacturer. The was $.0368.
22 Received full payment from the New Zealand retailer. The was $.568.
30 Completed payment on the April 3 purchase. The was $.0078.

Required:
Prepare journal entries on the books of Selco to record the transactions listed above.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...