On April 22, 20Y5, Beyer Inc., a U.S. company, purchased merchandise from Kindersley Co., located in Saskatchewan,
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On April 22, 20Y5, Beyer Inc., a U.S. company, purchased merchandise from Kindersley Co., located in Saskatchewan, Canada, for $1,000,000 Canadian dollars (CAD). Kindersley Co. requires payment in CAD on May 14, 20Y5.
a. Assuming an exchange rate of $0.75 USD per CAD on April 22, journalize the entry by Beyer Inc. to record the purchase.
b. Assuming an exchange rate of $0.78 USD per CAD on May 15, 20Y5, journalize the entry by Beyer Inc. to pay Kindersley Co.
c. Assuming an exchange rate of $0.73 USD per CAD on May 15, 20Y5, journalize the entry by Beyer Inc. to pay Kindersley Co.
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a b c Date 20Y5 Apr 22 Inventory Descri...View the full answer
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I Ateesh Kumar
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