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On 5 June 2018 Perth Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5 June 2018. The cost of the goods is UK£250 000 and the debt remains unpaid at 30 June 2018. On 5 June 2018 the exchange rate is A$1.00 = UK£0.46. On 30 June 2018 it is A$1.00 = UK£0.44. Hence the value of the Australian dollar has decreased relative to the UK pound. Perth Ltd.'s reporting date is 30 June.
Required:
Problem 1: Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2018.
Allatoona Landing reported net credit sales of $1,250,000 and cost of goods sold of $900,000 for 2012. Its beginning balance of Accounts Receivable was $175,000. The accounts receivable balance decreased by $25,000 during 2012. Rounded to two decimal..
On November 1, 2015 Wrenns Martch sold merchandise for $10,000, FOB destination, with payment terms of 3/10, n/40. Sales returns on this sale amounted to $3,000. Wrenns received payment for the balance on November 10, 2015. The cost of goods sold was..
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