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Record all journal entries on the transaction

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Question - Choy Co. of New York purchased rice from China for 100,000 renminbi (r) on Nov. 1, 2015. Payment is due on Jan. 30, 2016. The rates were as follows:

Date

Spot Rate

Nov. 1, 2015

$0.121

Dec. 31, 2015

$0.124

Jan. 30, 2016

$0.126

Required -

1. Record all journal entries on the transaction, balance sheet and settlement dates. Show computations.

2. What is Choy's overall gain or loss from these transactions? Show computations.

Reference no: EM133093137

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