Charin Corporation,a U Required:
Document the Journal Entries Related to These Transactions for Components

question 4

Essay

Charin Corporation,a U.S.corporation,imports and exports small electronics.On December 1,2014,Charin purchased components from an Egyptian manufacturer amounting to 500,000 Egyptian pounds.The purchase is payable in Egyptian pounds.At December 30,Charin wanted to take advantage of favorable exchange rates,but did not have the full amount required to pay off the entire amount.Charin wired the funds to pay off half of the balance owed,and expected to pay the remaining balance on January 3,2015.Charin paid the remaining balance on January 3,2015.
The respective exchange rates were as follows:
$\begin{array}{ll}\text { December } 1,2014 & 1 \text { pound }=\$ .170 \\\text { December } 30,2014 & 1 \text { pound }=\$ .165 \\\text { December } 31,2014 & 1 \text { pound }=\$ .175 \\\text { January } 3,2015 & 1 \text { pound }=\$ .180\end{array}$
Required:
Document the journal entries related to these transactions for the four dates shown.If no entry is required,record "no entry."

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Definitions:

Expert Power

The ability to influence others based on one's knowledge, experience, or skills in a specific domain.

Proficiency

The state of being skilled or competent in a particular activity or field.

Specialized Knowledge

Expertise or information in a specific field, distinguishing one from lay knowledge.

Participative Leadership

A philosophy of and approach to leadership that taps the constructive power of people, resulting in both a humanistic and productive workplace. The participative leader begins by involving people, which is necessary to achieve understanding, which is necessary to achieve commitment. See democratic and empowerment.