Record the purchase and payment for inventory purchased

Assignment Help Accounting Basics
Reference no: EM132737227

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.

Reference no: EM132737227

Questions Cloud

Develop policies for the firewall of your company : Develop policies for the firewall of your company with the usage of the IPtables utility in Linux. Your firewall should secure your computer from a series
Why is important to study organizational behavior : Why is important to study organizational behavior? Create a powerpoint Introduction slide 10 slides should be informational slides, the last slide should be.
Calculate the initial cash proceeds at issuance : Calculate the initial cash proceeds at issuance and the interest expense to be accrued and reported on the loan in Wood's calendar year income statement
Responsible for controlling the weight of box of cereal : As a quality analyst you are also responsible for controlling the weight of a box of cereal.
Record the purchase and payment for inventory purchased : Prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor
Describe how experiencing cognitive dissonance : Briefly describe how experiencing cognitive dissonance about a debatable issue may make a person more susceptible to social influence, such as conformity.
Reviewing revenue cycle management : You will be reviewing revenue cycle management and the various reimbursement methodologies that may affect the facility's
At what cost will the new equipment be recorded in the books : A fixed asset with a cost of $21,836. Assuming a trade-in allowance of $5,606, at what cost will the new equipment be recorded in the books
How effectively they applied the guidelines : In your reply to a classmate, provide feedback on how effectively they applied the guidelines. How could their feedback to Craig be more effective?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the current ratio and debt ratio and explain

The following items are taken from the financial statements of PQR Company

  Analyze each variance on the operating income reconciliation

Analyze each variance on the operating income reconciliation schedule on pg. 1. Your analysis should be supported by calculations

  Evaluate internal control risk over purchases

Evaluate internal control risk over purchases using "low," "moderate," or "high" risk categories. Explain your answer

  What would be implications of the given situation

XYZ Ltd is a mining company and have been in the industry for last 20 years. What would be implications of the above situation for XYZ Ltd financial statements

  Net realizable value of receivables-financial statements

The practice of reporting the net realizable value of receivables in the financial statements is commonly called:

  Which items will be incorrectly stated

At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted.

  What is smith tax expense for the year ending december

Revenue deferred for book but recognized for tax 55,000 2012 statutory tax rate 40%. What is smith's tax expense for the year ending December 31, 2012

  During its first year of operations eastern data links

during its first year of operations eastern data links corporation entered into the following transactions relating to

  The outstanding voting common stock of rubins corp

The outstanding voting common stock of Rubins Corp

  What is the book value after four years

Using straight-line depreciation, what is the book value after four years for an asset costing 105,000 that has a salvage value of 22,000 after 10 years

  Explain what is subsequent events

Explain what is subsequent events. List two audit procedures the auditor may use to obtain sufficient audit evidence if the event was adjusting

  Prepare the firms annual report and spreadsheet

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.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd