Business, 22.04.2020 00:00 bermudezs732

Harris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese company for a U. S. dollar equivalent value of $8,200 to be paid on June 20. The exchange rates were May 1 June 20 1 yen-$0.0070 1 yen0.0075 2. On July 1, Harris sold products to a Brazilian customer for a U. S. dollar equivalent of $11,200, to be received on August 10. Brazil's local currency unit is the real. The exchange rates were July 1 August 10 1 real = $ 0.20 1 real 0.22 b. Assume that the two transactions are denominated in the applicable local currency units of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the local currency units of the Japanese company (yen) and the Brazilian customer (real). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Round your intermediate calculations and final answers to nearest whole number.) Answer is not complete. No Date General Journal Debit Credit 1,171,429 Inventory (or Purchases) Accounts payable (*) May 01 1,171,429 2 3 4 5 6 7 Record the revaluation of the foreign currency payable to the U. S. dollar equivalent value. Note: Enter debits before credits. Date General Journal Debit Credit June 20 Record entry Clear entry View general journal Journal entry worksheet 2 6 7 Record the purchase of Japanese yen to settle the account payable at the June 20 spot rate. Note: Enter debits before credits. Date General Journa Debit Credit June 20 Journal entry worksheet 2 3 4 5 6 7 Record the settlement of the payable denominated in Japanese yen. Note: Enter debits before credits. Date General Journal Debit Credit June 20 Journal entry worksheet 2 3 4 5 6 7 Record the foreign sales denominated in Brazilian reals. Note: Enter debits before credits Date General Journal Debit Credit July 01 Journal entry worksheet 2 6 7 Record the revaluation of foreign currency payable to the U. S. dollar equivalent value. Note: Enter debits before credits. Date General Journal Debit Credit August 10 Journal entry worksheet 2 3 4 5 7 Record the receipt of Brazilian reals in the settlement of the receivables. Note: Enter debits before credits. Date General Journal Debit Credit August 10

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Harris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese comp...

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