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Prepare journal entry to record purchase of the inventory

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Reference no: EM133137170

Question 1 - IMPEXP Co., a Canadian company, received inventory from a U.S. supplier and was invoiced for US$200,000 on December 18, 2016. IMPEXP paid the account on January 15, 2017. IMPEXP's year end is December 31. Relevant exchange rates are as follows: December 18, 2016 US$1.00 = C$1.10 December 31, 2016 US$1.00 = C$1.13 January 15, 2017 US$1.00 = C$1.12

Required - a) Prepare the journal entry to record the purchase of the inventory. b) Prepare the journal entry for any adjustments required at year end?

Question 2 - Imptex Co., a Canadian company, received inventory from a U.S. supplier and was invoiced for US$150,000 on December 28, 2016. IMPEXP paid the account on January 30, 2017. IMPEXP's year end is December 31. Relevant exchange rates are as follows: December 28, 2016 US$1.00 = C$1.12 December 31, 2016 US$1.00 = C$1.15 January 30, 2017 US$1.00 = C$1.14.

Required - a) Prepare the journal entry to record the purchase of the inventory. b) Prepare the journal entry for any adjustments required at year end.

Question 3 - ForEx Inc, purchased an inventory from an overseas supplier and was invoiced for US$750,000 on December 02, 2018. IMPEXP paid the account on February 19, 2019. IMPEXP's year end is December 31. Relevant exchange rates are as follows: December 02, 2018 US$1.00 = C$1.30 December 31, 2018 US$1.00 = C$1.28 February 19, 2019 US$1.00 = C$1.27

Required - a) Prepare the journal entry to record the purchase of the inventory. b) Prepare the journal entry for any adjustments required at year end.

Reference no: EM133137170

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