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Question - On July 1, 2019, Alpha Company purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase. On July 30, 2019, Alpha paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0098 on the date of payment. Use this information to prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.
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Find your companys spreadsheet by clicking on ‘Company Spreadsheet' in the top centre box on Moodle - Discuss with others, perhaps f2f, through our blogs, Facebook, Moodle forums or email about what you learnt about each other's firms.
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