Bommarito Corp $\quad C \$ .9740$ December 15,2013 $\quad$ 30 Day Forward

question 55

Essay

Bommarito Corp., a Swiss firm, bought merchandise from Trilis Company of New Brunswick on December 15, 2013 for 20,000 CHF payable on January 14, 2014. Trilis and Bommarito both close their books on December 31. The 20,000 CHF was paid on January 14, 2014. The exchange rates for CHF were:
December 15,2013 spot $\quad C \$ .9740$
December 15,2013 $\quad$ 30 day forward $\quad C \$ .9800$
December $31,2013 \quad \mathrm { C } \$ .9700$
December 31,2013 $\quad$ 14 day forward $\quad \mathrm { C } \$ 9730$
January $14,2014 \quad C \$ 9720$ Required:
A)Provide the journal entries for Bommarito (the buyer)at each of the above dates, as required.
B)Provide the journal entries for Trilis Company (the seller)at each of the above dates as required.

• A)Provide the journal entries for Bommarito (the buyer)at each of the above dates, as required.
• B)Provide the journal entries for Trilis Company (the seller)at each of the above dates as required.

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Definitions:

Financially

Pertaining to finances or monetary resources, often used in the context of managing money or economic status.

James Marcia

A developmental psychologist known for his work on adolescent identity development, proposing four identity statuses: achievement, moratorium, foreclosure, and diffusion.

Identity Foreclosure

A stage in adolescent identity development when an individual commits to an identity without exploring options, often due to external pressures.

Identity Development

The process through which individuals come to understand and define themselves, often occurring during adolescence.