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What journal entry recorded by auziz limited

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Problem 1: Auziz Limited, an Australian company, purchased equipment from California Limited, a US company, on credit terms for US$600,000. At the transaction date, the exchange rate was US$1.00 = AU$1.25. The journal entry recorded by Auziz Limited for this purchase would be:

a. DR Receivable from California Limited $480,000, CR Cash $480,000

b. DR Machinery $480,000, CR Payable to California Limited $480,000

c. DR Machinery $750,000, CR Payable to California Limited $750,000

d. DR Machinery $750,000, CR Cash $750,000

Reference no: EM132616312

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