Prepare Journal Entries for the Following Transactions for Inter-Global Co

question 68

Essay

Prepare journal entries for the following transactions for Inter-Global Co.
October 10: Purchased merchandise on account from Le Monde, a French company, for 80,000 euros. The exchange rate was $0.82.
November 2: Paid Le Monde for the merchandise purchased on October 1. The exchange rate at this date was $0.83.
November 15: Sold merchandise to Nippon, a Japanese company for 300,000 yen on account. The rate of exchange was $0.0091.
November 20: The Japanese company paid the full amount. The exchange rate was $0.0090.
December 5: Sold merchandise to Ponti, an Italian company for $24,000. The exchange rate is $0.81. The Italian company agrees to pay in U.S. dollars.
December 18: Collected the full amount from the Italian company.

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Definitions:

Fluid Contaminating

The process by which unwanted substances enter a fluid system, potentially causing damage or inefficiency in mechanical systems.

Brake Dust

Fine particulate matter produced from the wear of brake pads and rotors during the braking process.

Hard Spots

Localized areas of abnormal hardness or stiffness in materials, often leading to uneven wear, damage, or failure in mechanical contexts.

Overheating

A condition where an engine's temperature exceeds its normal operating range, potentially causing damage.