On November 1st 2020 the Yoda Company of Memphis purchased a 1 million peso CD from the
Question:
On November 1st 2020 the Yoda Company of Memphis purchased a 1 million peso CD from the Vadar Bank of Mexico City. On this date the peso was worth 10 cents. This is a 3 year CD at 10%. Interest on the CD is paid every six months [May 1 and November 1].
On December 31st 2020 the peso was worth 9 cents
On May 1st 2021, the peso was worth 8 cents
On November 1st 2021 the peso was worth 7 cents
On December 31st 2021 the peso was worth 5 cents
On May 1st 2022 the peso was worth 8 cents
On November 1st 2022 the peso was worth 11 cents
On December 31st 2022 the peso was worth 12 cents
On May 1st 2023 the peso was worth 14 cents
On November 1st 2023 the peso was worth 15 cents
The Yoda Company is a calendar year company and only prepares annual reports
REQUIRED:
MAKE ALL THE JOURNAL ENTRIES FOR YODA COMPANY OF MEMPHIS FOR 2020, 2021, 2022, 2023 beginning with the purchase of the CD. Don't forget adjusting entries at the end of each year (except 2023)
Expert Answer:
ACCOUNTING JOURNAL NTRIES Page1 FOR THE YEAR 2020 Date Particulars AmountDa AmountCr Bank Ac 011... View the full answer
