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Prepare dated journal entries

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Problem - On April 1, Q8T Corporation, with year-end December 31, an electronics retailer buys 3.25 million dollar worth of electronic chips from a US manufacturer paying 15% down, the balance to be paid in 3 months. Interest of 15% is to be calculated on the unpaid balance. The Kuwaiti dinar to the US dollar exchange rate on April 1 was KWD 1 = US$3.10; On July 1 it was KWD 1 = US$3.15.

Required - Prepare dated journal entries, in the books of Q8T corporation, to record the incurrence and settlement of this foreign currency transaction.

Reference no: EM132983563

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