On November 1,2014,the Yankee Corporation,a U

question 15

Essay

On November 1,2014,the Yankee Corporation,a U.S.corporation,purchased and received an extruding machine from Wales Corporation,a UK company.The purchase price was $10,000 (U.S.dollars)and Yankee agreed to pay in pounds on February 1,2015.Both corporations are on a calendar year accounting period.Assume that the spot rates for the British pound on November 1,2014,December 31,2014,and February 1,2015,are $1.60,$1.62,and $1.66,respectively.
Required:
Record the November 1,December 31,and February 1 transactions in the General Journals of Yankee Corporation and Wales Corporation.If no entry is required on a particular date,indicate "No entry" in the General Journal.

---

Definitions:

Primary Reinforcers

Innate reinforcing qualities like food or water, that fulfill a basic biological need for survival and do not depend on learning.

Motivating Behavior

The factors or incentives that drive an individual to act or behave in a certain way.

Innate Motivators

Internal drives that exist from birth, influencing behavior without the need for external rewards.

Latent Learning

Learning that occurs without any obvious reinforcement of the behavior or associations that are learned.