User Account

All Pages

What november entry to record receipt of payment from ger

Assignment Help Managerial Accounting
Reference no: EM132970823

On November 1, 20x3, Jon Corporation sold merchandise to Ger Corporation, a foreign firm. Jon measured and recorded the account receivable from the sale at P78,000. Ger paid for this account on November 30, 20x3. Spot rates for foreign currency unit (FCU) on November 1 and November 30, respectively, were P0.80 and P0.78.

Problem 1: If the sale of the merchandise was denominated in FCU, the November 30 entry to record the receipt of payment from Ger included a:

a. credit to Accounts Receivable for P76,050

b. debit to Cash for P78,000

c. credit to Exchange Gain for P1,950

d. debit to Exchange Loss for P1,950

Reference no: EM132970823

Questions Cloud

Indicating variable overhead efficiency variable : Variable overhead (5 h..s@$1.50) 7.50. Indicating whether each variance is favourable or unfavourable variable overhead efficiency variable
Why is important for the central bank to make inflation rate : Why does the Central Bank of Canada have a target? Why is important for the Central Bank to make inflation rates as predictable as possible?
What is the purpose to using fulfilment process : What is the purpose of using the fulfilment process in Hudson bay company?
Explain the process of journalizing : Analyze the sales journal specifically and explain the process of journalizing, posting to the subsidiary ledger and posting to the general ledger. Be sure to i
What november entry to record receipt of payment from ger : Spot rates for foreign currency unit (FCU) on November, What the November 30 entry to record the receipt of payment from Ger included a
What does dbp mean in presentations : What does DBP mean in presentations? Have you ever experienced it? Have you ever committed it? Explain
Promote sustainable development : What steps have been taken by the world business community to reduce ecological damage and promote sustainable development?
Describe the role information plays in enterprise resource : Describe the role information plays in enterprise resource planning systems.
Describe henri fayol five functions of management : · Evaluate the way in which team-working impacts upon organisational performance.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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