Prepare journal entries to record the transactions

Assignment Help Accounting Basics

Reference no: EM132080034

Question: Tin Inc completed sales transaction with a company, specifically on november 1 2007, Tin inc sold 60,000units of its november product, Tin inc 6000(tin foil package) on account for 90,000,000 taiwan dollars. the transaction will be settled in march 31 2008.

Direct exchange rate Date Spot Rate

NOV 1 2007 .0245

Dec 31 2007 .0231

Jan 1 2008 .0220

Feb 1 2008 .0210

March 31 2008 .0250

April 30 2008 .0240

Prepare Journal Entries to record the transactions, adjust the accounts and settle the contract. Please provide the date for each journal entry.

Reference no: EM132080034

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