Prepare a journal entry for the adjusting journal entries

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Reference no: EM136127

USA Dog Coats bought 5,000 zippers on 2^nd December from ZipIt, Inc., a firm based in Mexico, at an invoice price of 2,500 pesos. The spot rate was $0.069. Payment is due 2^nd January, 20X9.

USA Dog Coats sold 700 dog coats on 20^th December to Glorious Goldens, a pet shop in Canada, for $1,200 Canadian dollars. The spot rate was $0.815. The invoice is evaluated in Canadian dollars and is due on January 20, 20X9.

On 31^st December, 20x8, the currency exchange rate for pesos was $0.073 and for Canadian dollars was $0.80. The exchange rate for pesos on 2^nd January, 20x9 was $0.0735, and the exchange rate for Canadian dollars on 20^th January, 20x9 was $0.810.

Prepare the subsequent journal entries:

Prepare a journal entry for USA Dog Coats to reflect the given accounting events.

Prepare a journal entry for the adjusting journal entries required for 31^st December, 20x8.

Purpose a journal entry to record the payment of the invoice to ZipIt and to record the receipt of the Glorious Goldens' payment.

Provide a discussion of the subsequent:

Describe the three stages of concern for accountants when dealing in foreign currency transactions.

What would be example issues of these stages of concern if they were not properly addressed?

Reference no: EM136127

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