Question: Need help figuring out what is incomplete, please keep in the same/similar format. Thank you in advance! Merchant Company had the following foreign currency transactions:

 Need help figuring out what is incomplete, please keep in thesame/similar format. Thank you in advance! Merchant Company had the following foreign

Need help figuring out what is incomplete, please keep in the same/similar format. Thank you in advance!

Merchant Company had the following foreign currency transactions: 1. On November 1, 20X6, Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February 1, 20x7, with the receipt of 240,000 by Merchant Company. 2. On November 1, 20X6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 120,000 on February 1, 20x7. The direct exchange rates are as follows: November 1, 20X6 December 31, 20X6 February 1, 20x7 1 = $ 0.60 1 = $ 0.62 1 = $ 0.58 Required: Record the T-accounts for the following transactions (Record the transactions in the given order.) 1. The November 1, 20X6, export transaction (sale). 2. The November 1, 20X6, import transaction (purchase). 3. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated receivable of 240,000. 4. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated payable of 120,000. 5. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency receivable on that date. 6. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency payable on that date. 7. The February 1, 20X7, settlement of the foreign currency receivable. 8. The February 1, 20X7, settlement of the foreign currency payable. Answer is not complete. Foreign Currency Units 139,200 B9.2007 2/17 1110X 133 13 Accounts Receivable 1) 144,000 4,800 Bal 2/21x7 89,600 Bal 12/31/x0 143,800 9,6002/17 Bal 2/2/x7 69,000 Bal2/17 139,200 139,200 24X7 Bal2/20X7 69,000 Bal 2/ 2X7 Accounts Payable 16] 72,000 101 240 | 213 14K olo 12/31x0 2/1X7 Foreign Currency Transaction Loss 2,400 9,000 OO 74,400 Bal 22x7 12,000 Bal 121314KB 2/4X7 4,800 Bal 24X7 69,000 Bal 2/2 X7 12,000 2/4X7 89,600 Bal. 2/21/X7 0 Bal 220x7 12,000 Foreign Currency Transaction Cain 4,820 | 12/31/KE Bal 2/27 4,800 Bal 2/21x7 4,800 Bal 2/2 X7 4,800

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