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Prepare journal entries

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Question - Exclusive Furs imports furs from Canada. Prepare journal entries to record the following:

2011

Dec. 11 Purchsed furs from Toronto Trappers, Ltd., a Canadian corporation, at a price of 10,000 Canadian dollars, due in 60 day. The current exchange rate is .80 USD per Canadian dollar. (Exclusive uses the perpetual inventory method; debit the Inventory account)

Dec 31 Exclusive made a year adjusting entry relating to the account payable to Toronto Trappers. The exchange rate at year-end is .84 USD per Canadian dollar

2012

Feb 9 Issued a check for $8200 USD to Pan American Bank in full settlement of the liability to Toronto Trappers, Ltd. The exchange rate at this date is .82 USD per Canadian dollars.

Reference no: EM131815055

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