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

question 4

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 when the exchange rate is $0.82.

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Definitions:

Organizational Structure

The system of task, workflow, and reporting relationships within an organization; it defines how activities are directed toward achieving the organization's goals.

Related Job Duties

Tasks or responsibilities that are associated with or pertinent to a specific job role or profession.

Resistance To Change

The reluctance or opposition to modifications in processes, systems, or organizational structures, often due to fear of the unknown or loss of comfort.

Improved Compensation

An enhancement in the salary, wages, and benefits that employees receive in exchange for their work.