Question: PROBLEM 2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec 10 Sold

a company based in Seattle, Washington, entered into the following transactions: Dec

PROBLEM 2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec 10 Sold seven office computers to a company located in Colombia for 8,541,00 pesos. On this date, the spot rate was 365 pesos per U.s. dollar. 12 Purchased computer chips from a company domiciled in Taiwan. The contract was denominated in 500,000 Taiwan dollars. The direct exchange spot rate on t date was $.0391. Required:(clearly identify A. and B.). Use the journal page provided for your journal entries. Use the blank journal page provided that is identified as Problem 2. A. Prepare journal entries to record the transactions above on the books of Teletex Systems, Inc. The company uses a periodic inventory system. B. Prepare journal entries necessary to adjust the accounts as of December 31. Assume that on December 31 the direct exchange rates were as follows: Colombia peso $.00268 Taiwan dollar $.0351

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