Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 361 views

    E12 2

    Uploaded by

    Sandra Sholehah
    The document describes transactions by Teletex System, Inc. in December. It sold computers in Colombia for pesos and purchased computer chips in Taiwan dollars. Journal entries are required to record the transactions, adjust accounts on December 31 using new exchange rates, and record settlement on January 10 using new rates. The adjustments on December 31 result in a transaction loss on the Colombian peso receivable and a transaction gain on the Taiwan dollar payable. Settlement entries convert the amounts to cash.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    E12 2

    Uploaded by

    Sandra Sholehah
    361 views2 pages
    The document describes transactions by Teletex System, Inc. in December. It sold computers in Colombia for pesos and purchased computer chips in Taiwan dollars. Journal entries are required to record the transactions, adjust accounts on December 31 using new exchange rates, and record settlement on January 10 using new rates. The adjustments on December 31 result in a transaction loss on the Colombian peso receivable and a transaction gain on the Taiwan dollar payable. Settlement entries convert the amounts to cash.

    Original Description:

    Penyelesaian Soal kasus E12-2 aklan jetter

    Original Title

    E12-2

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document describes transactions by Teletex System, Inc. in December. It sold computers in Colombia for pesos and purchased computer chips in Taiwan dollars. Journal entries are required to record the transactions, adjust accounts on December 31 using new exchange rates, and record settlement on January 10 using new rates. The adjustments on December 31 result in a transaction loss on the Colombian peso receivable and a transaction gain on the Taiwan dollar payable. Settlement entries convert the amounts to cash.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    361 views2 pages

    E12 2

    Uploaded by

    Sandra Sholehah
    The document describes transactions by Teletex System, Inc. in December. It sold computers in Colombia for pesos and purchased computer chips in Taiwan dollars. Journal entries are required to record the transactions, adjust accounts on December 31 using new exchange rates, and record settlement on January 10 using new rates. The adjustments on December 31 result in a transaction loss on the Colombian peso receivable and a transaction gain on the Taiwan dollar payable. Settlement entries convert the amounts to cash.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    E12-2 Importing and Exporting Journal Entries

    During December of the current year, Teletex System, Inc. a company based in Seattle.
    Washington, entered into the following transactions :
    Dec 10 Sold seven office computer to a company located in Colombia for 8.541.000 pesos.
    On this date, the spot rate was 365 pesos per U.S. dolar.
    Dec 12 Purchases computer chips from a company domiciled in Taiwan. The contract was
    denominated in 500.000 Taiwan dollars. The direct exchange spot rate on this date
    was $.0391.
    Required :
    A. Prepare journal entries to record the transactions above on the books of Teletex
    system,Inc. The company uses a periodic inventory system.
    B. 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
    $.00268
    Taiwan dollar
    $.0351
    C. Prepare journal entries to record settlement of both open accounts on January 10.
    Assume that the direct exchange rates on the settlemen dates were as follows :
    Colombia peso
    $.00320
    Taiwan dollar
    $.0398
    D. Prepare journal entries to record the December 10 transaction, adjust the accounting
    on December 31 and record settlement of the account on January 10, assume the
    same exchange rates as those given.
    Jawaban :
    A. 10/12
    Accounts Receivable(m.a) (8,541,000/365) 23,400
    Sales
    23,400
    12/12
    Purchse price in Taiwan dollars
    500.000
    Direct exchange rate to U.S dollars $.0391
    Purchases Price
    19.550
    Purchases
    19,550
    Accounts Payable (500,000 x $.0391)
    B. 31/12
    Receivable
    Direct exchange rate to U.S dollars
    Receivable in U.S dollars
    Balance in receivable
    Transaction loss
    Transaction Loss

    3.541.000
    $.00268 x
    22.890
    23.400 510
    510

    19,550

    Accounts Receivable

    510

    31/12
    Payable in pesos
    Direct exchange rate to U.S. dollar
    Payable in U.S. dollars
    Balance in payable
    Transaction gain

    500.000
    $.0351 x
    17.550
    19.550 2.000

    Accounts Payable
    2.000
    Transaction gain
    2.000
    C. 10/1
    Cash (8,541,000$.00320)
    27,331
    Accounts Receivable ($23,400 - $510)
    22,890
    Transaction Gain
    4,441
    10/1
    Transaction Loss
    2,350
    Accounts Payable ($19,550 - $2,000) 17,550
    Cash (500,000$.0398)
    D. 10/12
    Accounts Receivable
    Sales

    19,900

    23,400
    23,400

    31/12
    No entry required.
    10/1
    Cash

    23,400
    Accounts Receivable

    23,400

    You might also like