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Prepare journal entries on the books of Selco

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Reference no: EM132568870

Question - Selco, a U.S. Company, imports and exports tools, shop equipment, and industrial construction supplies. The company uses a periodic inventory system. During April the company entered into the following transactions. All rate quotations are direct exchange rates.

April 3 Purchased power tools from a wholesaler in Japan, on account, at an invoice cost of 1,720,000 yen. On this date the exchange rate for the yen was $0.0069.

April 5 Sold hand tools on credit that were manufactured in the U.S. to a retail outlet located in West Germany. The invoice price was $3,400. The exchange rate for marks was $0.5854.

April 9 Sold electric drills on account to a retailer in New Zealand. The invoice price was 17,900 U.S. dollars and the exchange rate for the New Zealand dollar was $0.5786.

April 11 Purchased drill bits on account from a manufacturer located in Belgium. The billing was for 801,282 francs. The exchange rate for francs was $0.0312.

April 16 Paid 1,080,000 yen on account to the wholesaler for purchases made on April 3. The exchange rate on this date was $0.0064.

April 18 Settled the accounts payable with the Belgium manufacturer. The exchange rate was $0.0367.

April 22 Received full payment from the New Zealand retailer. The exchange rate was $0.5706.

April 30 Completed payment on the April 3 purchase. The exchange rate was $0.0076.

Required - Prepare journal entries on the books of Selco to record the transactions listed above. (Credit account titles are automatically indented when the amount is entered.

Reference no: EM132568870

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