IFRS - Accounting Questions Write journal entries for the following series of foreign currency transactions: a....

IFRS - Accounting Questions

Write journal entries for the following series of foreign currency transactions:

a. On September 18, 2003, when the yen was valued at 225 to the dollar, a U.S. firm purchased transistors from a Japanese firm, and agreed to pay 6,750,000 yen on November 15, 2003.

b. On October 26, 2003, the same firm purchased leather goods from a Mexican company, agreeing to pay 4 million pesos on December 15, 2003. On October 26, 2003, one peso was worth $.004.

c. On November 24, 2003, the U.S. firm sold ?375,000 worth of cotton to a British firm when the pound was worth $1.45. Payment was to be received on January 15, 2004.

d. The following exchange rates prevailed on the dates below: __________________________________________________________________

November 15, 2003……………………………………………….$1.00 = 200 yen

December 15, 2003……………………………………………… $1.00 = 275 pesos

December 31, 2003……………………………………….………..$1.48 = 1 pound

January 15, 2004………………………………………..........……$1.42 = 1 pound

Expert Solution

ekkarill92 answered 1 year ago

Write journal entries to record all of the following transactions. The following transactions pertain to the...

Write journal entries to record all of the following transactions. The following transactions pertain to the Bongiorno Corporation’s 20x4 fiscal year: Jan 1 The business was established by Joe Bongiorno who invested $100,000 cash in exchange for common shares. Jan 2 Signed a two-year lease for office space. The monthly rent is $3,000. The first month’s rent was paid on Jan 2. In addition, a $5,000 security deposit was also paid to the landlord. This security deposit will be refundable...

Complete the first step in the accounting cycle: Record journal entries for the following transactions in...

Complete the first step in the accounting cycle: Record journal entries for the following transactions in the General Journal, which is the first sheet in the template file. Explanations are not needed. Dec. 1 Investors contributed $96,000 in exchange for shares of common stock. 8 Performed services on account for $32,350. 9 Purchased supplies on account for $672. 10 Purchased furniture at a purchase price of $12,000, by making a cash...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...

Prepare General Journal Entries for the following transactions. Then post the journal entries to the General Ledger provided and then prepare an Unadjusted Trial Balance. March 1Dunlop invested $30,000 cash and buildings worth $150,000 in the company March 2The company rented equipment by paying $2,000 cash for the first month’s (March) rent. March 5The company purchased $2,400 of office supplies for cash. March 10The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on March...

create a scenario for 3 separate transactions that address the following issues as accounting journal entries...

create a scenario for 3 separate transactions that address the following issues as accounting journal entries Issue stock at an amount above par value Declare property dividend, using an existing asset which has increased in value. Repurchase shares to hold in Treasury and then reissue a portion of the shares for a different price.

"Foreign Currency Transactions and International Financial Reporting Standards (IFRS)" Analyze the main reasons why a company...

"Foreign Currency Transactions and International Financial Reporting Standards (IFRS)" Analyze the main reasons why a company might prefer a foreign currency option over a forward contract in hedging a foreign currency firm commitment. In contrast, analyze the main reasons why a company might prefer a forward contract over an option in hedging a foreign currency asset or liability. Determine the option (e.g. a foreign currency option or a forward contract) that you consider to be more effective. Provide a rationale...

a. Make the necessary journal entries for the following transactions:

a. Make the necessary journal entries for the following transactions: i. On 1 April 2020, Mr Syed has invested $20,000 cash to set up a restaurant business called Nasi Kandar Penang. ii. On 2 April 2020 Nasi Kandar restaurant purchased cooking utensils costing $8,000 by signing a 2-month, 12%, $8,000 note payable. iii. On 8 April the restaurant received $3,000 cash from a client as a down payment for an event that is expected to be held on 15...

Prepare Journal Entries for the following transactions: Byte of Accounting, Inc. Transaction Description of transaction 01....

Prepare Journal Entries for the following transactions: Byte of Accounting, Inc. Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Jeremy after $22,880 in cash and computer equipment with a fair market value of $33,880 were received. 02. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock after acquiring from Courtney $45,100 in cash, computer equipment with a fair market value of $10,120 and office equipment...

Prepare Journal Entries for the following transactions: Byte of Accounting, Inc. Transaction Description of transaction 21....

Prepare Journal Entries for the following transactions: Byte of Accounting, Inc. Transaction Description of transaction 21. June 28: Billed $5,490 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,201 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $1,035 to equipment operators for the week ending June 25. 25. June 30: Received a bill...

Prepare journal entries for the transactions

Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30. March 3 Dodson Company returned merchandise worth $200 to Molina. March 9 Molina collected the amount due from Dodson Company from the March 1 sale. March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...

Question 4 Accounting for Foreign Currency Transactions Coastal Surf Ltd is a manufacturer of surfboards in...

Question 4 Accounting for Foreign Currency Transactions Coastal Surf Ltd is a manufacturer of surfboards in Australia. The company sells surfboards to a Japanese company. The company received an order from the Japanese company to buy 20 surfboards for a value of ¥9,600,000 Japanese Yen. Under the conditions of the contract, surfboards were sold FOB Sydney and were shipped to Osaka on 20 April 2020. The payment for these surfboards was agreed to be paid by three equal instalments on...

Question