Assignment $(1)$: Makeup

Question $(1)$:

On October $1,2022,$ Smouha company Purchased merchandise on account from an American

company for $$100,000$ to be paid on March $1,2023.$ The exchange rates between L$.$E and U$.$S$.$ dollar

$?$ L$.$E$)$ were:

Instructions:

Record the transactions in Smouha company records.

How much is the balance of Account receivables $($or Accounts payable$)$ on $31$ December

Question $(2)$:

On December $1,2007,$ a US firm sold $100$ units of inventory to a French firm for to be

collected on March $1,2008.$ the firm's fiscal year$-$end is December $31.$ The spot rates for euros at

various times are as follows:

Spot rate

December $1,2007$

December $31,2007$

March $1,2008$

Instructions:

Prepare the journal entry$($ies$)$ to record the transactions in the US firm.

How much is the balance of Account receivables $($or Accounts payable$)$ on $31$ December

Question $(3)$:

On November $1,2016,$ Alexandria company sold inventory on account for $500,000$ euros.

The amount to be collected on March $1,2017.$ On November $1,2016,$ Alexandria company

entered into a forward contract to sell $400,000$ euros on March $1,2017$ for L$.$E $12.$ The

exchange rates between L$.$E and Euros were $(1$euro $=?$ L$.$E$)$:

Instructions:

Record the transactions in Alexandria company records.

Indicate the effect on the financial statements of Alexandria company at December $31,$

solve each of these questions in details