Globalization is a continuous process whereby managers become aware of the impact of international activities on their companies. This process takes place in stages that include exporting, licensing joint ventures, wholly owned subsidiaries, and global sourcing. Each stage has implications for the type of accounting information reported.

Striking Furs imports furs from Canada. In the space provided below, prepare journal entries to record the following events.

Dec. 11 2017: Purchased furs from Capable Trappers, Ltd., a Canadian corporation, at a price of 25,000 Canadian dollars, due in 60 days. The current exchange rate is $0.85 US dollars per Canadian dollar. (Striking uses the perpetual inventory method; debit the Inventory account.)

Dec. 31 2017:Striking made a year end adjusting relating to the account payable to Capable Trappers. The exchange rate a year-end is $0.89 US dollars per Canadian dollar.

Feb 9, 2018:Issued a check for $21,750 (US dollars) to National Bank in full statement of the liability to Capable Trappers, Ltd. The exchange rate at this date is $0.87 US., dollar.

2017 Dec General Jourmal ec 31 2018 eb 9 2. Explain ways in which Striking Furs can protect itself against the losses that would arise from a sudden increase i Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials