Importing Transactions-Journal Entries
Striking Furs Imports Furs from Canada

question 88

Essay

Importing transactions-journal entries
Striking Furs imports furs from Canada. In the space provided below, prepare journal entries to record the following events.
Dec. 11, 2010: Purchased furs from Capable Trappers, Ltd., a Canadian corporation, at a price of 25,000 Canadian dollars, due in 60 days. The current exchange rate is $0.85 U.S. dollars per Canadian dollar. (Striking uses the perpetual inventory method; debit the Inventory account.)
Dec. 31, 2010: Striking made a year-end adjusting entry relating to the account payable to Capable Trappers. The exchange rate at year-end is $0.89 U.S. dollars per Canadian dollar.
Feb. 9, 2011: Issued a check for $21,750 (U.S. dollars) to National Bank in full settlement of the liability to Capable Trappers, Ltd. The exchange rate at this date is $0.87 U.S. dollars per Canadian dollar.
$\begin{array}{|c|l|c|c|}\hline2010&\text { General Journal }&\quad\quad\quad\quad&\quad\quad\quad\quad\quad\quad\\\hline \text { Dec. } 11 & && \\\hline \\\hline \\\hline \\\hline \text { Dec. } 31 \\\hline \\\hline\\\hline \\\hline \\\hline 2011\\\hline \text { Feb 9} \\\hline \\\hline \\\hline\\\hline \\\hline \\\hline\end{array}$

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The period immediately following the Civil War, wherein Presidents Abraham Lincoln and Andrew Johnson attempted to reintegrate the Southern states back into the Union with minimal changes to their social systems.

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