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During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered...

During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions:

Dec. 10 Sold seven office computers to a company located in Colombia for 8,778,000 pesos. On this date, the spot rate was 380 pesos per U.S. dollar.

Dec. 12 Purchased computer chips from a company domiciled in Taiwan. The contract was denominated in 510,000 Taiwan dollars.

The direct exchange spot rate on this date was $0.039.

Prepare journal entries necessary to adjust the accounts as of December 31. Assume that on December 31 the direct exchange rates were as follows:

Colombia peso $0.00259
Taiwan dollar $0.0350

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ekkarill92 answered 2 hours ago
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