The answer above was given in a prior post but it was incorrect as well. The way i understand the question is that if the company sold seven office computers for 7,992,000 dollars, what would the entry look like. However, that didnt work.

Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec. 10 12 Sold seven office computers to a company located in Colombia for 7,992,000 pesos. On this date, the spot rate was 360 pesos per U.S. dollar. Purchased computer chips from a company domiciled in Taiwan. The contract was denominated in 450,000 Taiwan dollars. The direct exchange spot rate on this date was $0.0398. (a) Your answer is correct. Prepare journal entries to record the transactions above on the books of Teletex Systems, Inc. The company uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 10 TAccounts Receivable 222001 Sales 22200 Dec. 12 Purchases 17910 Accounts Payable 17910 (b) Your answer is correct. Prepare journal entries necessary to adjust the accounts as of December 31. Assume that on December 31 the direct exchange rates were as follows: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,125.) Colombia peso $0.00276 Taiwan dollar $0.0358 Date Account Titles and Explanation Debit Credit Dec. 31 Transaction Loss 142 142 Accounts Receivable (To adjust accounts receivable) Accounts Payable 1800 Transaction Gain 1800 (To adjust accounts payable) (c) Your answer is correct. Prepare journal entries to record settlement of both open accounts on January 10. Assume that the direct exchange rates on the settlement dates were as follows: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,125.) Colombia peso Taiwan dollar $0.00328 $0.0406 Date Account Titles and Explanation Debit Credit Jan. 10 Cash 26214 Transaction Gain 4156 22058 Accounts Receivable (To adjust accounts receivable) Accounts Payable 16110 Transaction Loss 2160 Cash 18270 (To adjust accounts payable) (d) Your answer is partially correct. Try again. Prepare journal entries to record the December 10 transaction, adjust the accounts on December 31, and record settlement of the account on January 10, assuming that the transaction was denominated in dollars rather than pesos. Assume the same exchange rates as those given. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 10 Accounts Receivable 2877120000 Sales 2877120000 Dec. 31 Accounts Receivable 18532174 Transaction Gain 18532174 x Jan. 10 Cash 2858587826 X Accounts Receivable 2858587826 (d) Date Account Titles and explanation Debit & Credits Dec.10 Accounts Receivable 318,082 Sales (7,992,000 x 0.0398) 318,082 Dec.31 Transaction Loss 31,968 Accounts Receivable 31,968 (0.0398 -0.0358 ) x 7,992,000 Jan.10 Cash (7,992,000 x 0.0406) 324,475 Accounts Receivable 286,114 (318,082 - 31,968) Transaction gain 38,361 (d) Your answer is partially correct. Try again. Prepare journal entries to record the December 10 transaction, adjust the accounts on December 31, and record settlement of the account on January 10, assuming that the transaction was denominated in dollars rather than pesos. Assume the same exchange rates as those given. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 10 ITAccounts Receivable 7992000 x Sales 7992000 X x Dec. 31 Accounts Receivable 7992000 Sales 7992000 x Jan. 10 Cash 7992000 Accounts Receivable 7992000