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The document contains three cases showing accounting entries for accounts receivable and payable transactions involving foreign exchange gains and losses. Each case shows entries on Dec 1 to record a sale on account, entries on Dec 31 to record the receivable/payable balance, and entries on Feb 1 to settle the receivable/payable.

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17 views

(Done) REvision Key

The document contains three cases showing accounting entries for accounts receivable and payable transactions involving foreign exchange gains and losses. Each case shows entries on Dec 1 to record a sale on account, entries on Dec 31 to record the receivable/payable balance, and entries on Feb 1 to settle the receivable/payable.

Uploaded by

huongtratranthibn
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Case 1

Dec 1, 2018
Dr Account receivable 15384.61538
Cr Sales revenue 15384.61538

Dec 31, 2018


Dr Foreign exchange loss 233.1 T-account
Cr Account receivable 233.1
Dec 1: 15384.62

Feb 1, 2019 Dec 31: 15151.52


Dr Cash 14814.81481
Dr foreign exchange loss 336.7051852
Cr Account receivable 15151.52
Case 2
Dec 1, 2018
Dr Account receivable 15384.61538
Cr Sales revenue 15384.61538

Dec 31, 2018 T-account


Dr Account receivable 240.38
Cr Foreign exchange gain 240.38 Dec 1: 15384.62
240.384615384615
Feb 1, 2019 Dec 31: 15625
Dr Cash 16000
Cr Account receivable 15625
Cr Foreign exchange gain 375
Case 3
Dec 1, 2018
Dr Account receivable 15384.61538
Cr Sales revenue 15384.61538

Dec 31, 2018 T-account


Dr Foreign exchange loss 233.1
Cr Account receivable 233.1 Dec 1: 15384.62

Feb 1, 2019 Dec 31: 15151.52


Dr Cash 15625
Cr account receivable 15151.52
Cr Foreign exchange gain 473.48
Account receivable

233.1

Account receivable

Account receivable

233.1
Case 1
Dec 1, 2018
Dr Inventory 15384.61538
Cr Account payable 15384.61538

Dec 31, 2018 T-account


Dr Account payable 233.1 Account payable
Cr Foreign exchange gain 233.1
233.1

Feb 1, 2019
Dr Account payable 15151.52
Cr Foreign exchange gain 336.7051852
Cr Cash 14814.81481
Case 2
Dec 1, 2018
Dr Inventory 15384.61538 T-account
Cr Account payable 15384.61538 Account payable

Dec 31, 2018


Dr Foreign exchange loss 240.38
Cr Account payable 240.38

Feb 1, 2019
Dr Account payable 15625
Dr Foreign exchange loss 375
Cr Cash 16000
Case 3
Dec 1, 2018
Dr Inventory 15384.61538
Cr Account payable 15384.61538

Dec 31, 2018 T-account


Dr Account payable 233.1 Account payable
Cr Foreign exchange gain 233.1
233.1

Feb 1, 2019
Dr Account payable 15151.52
Dr Foreign exchange loss 473.48
Cr Cash 15625
Dec 1: 15384.62

Dec 31: 15151.52

Dec 1: 15384.62
240.38
Dec 31: 15625

Dec 1: 15384.62

Dec 31: 15151.52


Case 1:
Dec 1, 2018
Dr account recievable
Cr account payable

Dec 31, 2018


Account recievable should be report at
Dr foreign exchange loss
Cr account recievable

Feb 1, 2019
Dr foreign exchange loss
Dr cash
Cr acc recievable

Case 2:
Dec 1, 2018
Dr account recievable
Cr sale revenue

Dec 31, 2018


Account recievable should be report at
Dr account recievable
Cr foreign exchange gain

Feb 1, 2019
Dr Cash
Cr foreign exchange gain
Cr acc recievable

Case 1:
Dec 1,2018
Dr acc recievable
Cr acc payable

Dec 31, 2018


Acc recievable should be report at
Dr foreign exchange loss
Cr acc recievable

Feb 1, 2019
Dr foreign exchange loss
Dr cash
Cr acc recievable

Case 2
Dec 1, 2018
Dr acc recievable
Cr sale revenue

Dec 31,2018
Acc recievable should be reported at
Dr account recievable
Cr foreign exchange gain

Feb 1, 2019
Dr Cash
Cr foreign exchange gain
Cr acc recievable

Case 3
Dec 1, 2018
Dr account recievable
Cr sale revenue

Dec 31,2018
Account recievable should be reported at
Dr foreign exchange loss
Cr account recievable

Feb 1, 2019
Dr cash
Cr foreign exchange gain
Cr account recievable

Case 1:
Dec 1,2018
Dr Account recievable 15384.61538462
Cr Account payable 15384.6154

Dec 31, 2018


Account recievable should be reported at 15151.51515152
Dr foreign exchange loss 233.1002331002
Cr account recievable 233.100233

Feb 1, 2019
Dr foreign exchange loss 15151.51515152
Dr cash 336.7003367003
Cr account recievable 14814.8148
15384.6154
15384.6154

15151.5152 Account recievable should be report at = 15151,515 < Acc


233.100233 recievable = 15384,615 => Loss => Dr foreign exchange loss
and Cr acc recievable
233.100233

15151.5152
336.700337
14814.8148

15384.6154
15384.6154

15625 15625 > Acc recievable: 15384,615 => Gain => Cr foreign
exchange gain and Dr acc recievable
16000
375

16000
375
15625

15384.6154
15384.6154

15151.5152 < Dr acc recievable => Loss


233.100233
233.100233
336.700337
14814.8148
15151.5152

15384.6154
15384.6154

15625 > Acc recivable => Gain


240.384615
240.384615

16000
375
15625

15384.6154
15384.6154

15151.5152 < acc recievable => loss


233.100233
233.100233

15625
473.484848
15151.5152

Case 2:
Dec 1, 2018
Dr Account recievable 15384.6154
Cr sale revenue 15384.6154

Dec 31, 2018


loss Account recievable should be reported at 15625 gain
Dr account recievable 240.384615
Cr foreign exchange gain 240.384615

Feb 1, 2019
Dr cash 16000
Cr foreign exchange gain 375
Cr account recievable 15625

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