Scribd
Upload
31 views1 page

E12-6 - Daniel Stefanus - 2019104713

The document details inventory sales to a company in Thai baht on three dates in 2016 and 2017, including recording the transactions and adjusting exchange gains and losses in the company's income statement.

Uploaded by

Faishal Alghi Fari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
31 views1 page

E12-6 - Daniel Stefanus - 2019104713

The document details inventory sales to a company in Thai baht on three dates in 2016 and 2017, including recording the transactions and adjusting exchange gains and losses in the company's income statement.

Uploaded by

Faishal Alghi Fari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Inventory price

Date Spot rate Total


(in Thai baht)
Oct 15, 2016 ($ 0.029) 245,000 ($ 7,105)
Dec 31, 2016 ($ 0.033) 245,000 ($ 8,085)
Jan 15, 2017 ($ 0.030) 245,000 ($ 7,350)

JOURNAL ENTRY Rise Corporation


October 15, 2016 Income Statement (Partial)
Accounts Receivable ($ 7,105) For the Year Ended December 31, 2016
Sales ($ 7,105) Exchange Gain ($ 980)
(To record sales to Chai company, spot rate $0,029)
Rise Corporation
December 31, 2016 Income Statement (Partial)
Accounts Receivable ($ 980) For the Year Ended December 31, 2017
Exchange Gain ($ 980) Exchange Gain ($ 245)
(To adjust accounts receivable at year-end, change in spot rate $0.033 - $0.029)

Jan 15 2017
Cash ($ 7,350)
Exchange Loss ($ 735)
Accounts Receivable ($ 8,085)
(To record full collection from Chai company, spot rate $0.030 and recognize
exchange loss due to change in spot rate $0.033 - $0.030)

You might also like