Importing Transactions-Journal Entries Striking Furs Imports Furs from Canada.In the Space Provided Below,prepare

question 57

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.11,2014: 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.31,2014: 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.9,2015: 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.

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