Utah Ranchers Exports Beef to Japan

question 5

Essay

Utah Ranchers exports beef to Japan. In the space provided below, prepare journal entries to record the following events.
2010
Nov. 1 Sold beef steaks to a Japanese restaurant chain at a price of 1 million yen, due in 90 days. The current exchange rate is $0.0101 U. S. dollars per yen. (Utah uses the periodic inventory method.)
Dec. 31 Utah made a year-end adjusting entry relating to the account receivable from the Japanese restaurant chain. The exchange rate at year-end is $0.0102 U. S. dollars per yen.
2011
Feb. 1 Received a check for $10,300 from the Universal Bank in full settlement of the receivable from the Japanese restaurant chain. The exchange rate at this date is $0.0103 U. S. dollars per yen.

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Definitions:

Probability

A numerical expression signifying the probability of an event's occurrence, scaled from 0 to 1, where a score of 0 implies the event is impossible and a score of 1 assures the event will occur.

Women

Adult human females, often focused on in studies related to demographics, health, social status, and other sociological topics.

Normal Model

A type of statistical distribution that is symmetric and depicts the standardized values of data.

Standard Deviation

An indicator of the extent of variation or spread among a collection of numbers, showing the degree to which these numbers deviate from their average.