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Helvetia Corp., a Swiss firm, bought merchandise from Bouchard Company of Quebec on December 15, 20X7, for 20,000 CHF, payable on January 14, 20X8. Bouchard and Helvetia both close their books on December 31. The 20,000 CHF was paid on January 14, 20X8. The exchange rates for CHF1 were:
The account was hedged by Bouchard through a 30-day forward contract. Bouchard uses the gross method to record hedge transactions. Bouchard reports under IFRS.
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Required:
Provide the journal entries for Bouchard (the seller)at each of the above dates, as required.
Auditor
A professional individual or firm tasked with examining and verifying financial statements and records to ensure accuracy and compliance.
Limited Liability Partnership
A partnership in which some or all partners have limited liabilities, protecting them from the debts and liabilities of the partnership beyond their investment.
Professional Misconduct
Refers to inappropriate or unethical behavior by a professional in their occupation, often leading to disciplinary action.
Accountant
A professional who performs accounting functions such as audits or financial statement analysis.
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