Reference no: EM132557547
The company has agreed to purchase 10 new handmade sports cars from an English supplier. The official order for the vehicles is placed on January 31, 2022. The contract price is established at £350,000 and delivery takes place on May 31, 2022, as agreed. Payment is due for these vehicles on August 31, 2022. The following exchange rates are applicable. Refer to the provide Chart of Accounts for the appropriate account names.
January 31, 2022 £0.49= AUS$1.00
May 31, 2022 £0.47 = AUS$1.00
June 30, 2022 £0.43= AUS$1.00
August 31, 2022 £0.40 = AUS$1.00
Year 2022:
Question 1: To record the entering of the purchase contract
Question 2: To record the unrealised foreign currency adjustment at year-end
Question 3: To record the foreign currency adjustment at the settlement of the contract
Question 4: To record the settlement of the payable to the English supplier
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