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Tomm Tomm
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6 years ago
Megawatt Corporation purchased inventory merchandise on June 15, 2015, from a Scottish company for 100,000 British pounds. Megawatt remitted payment to the Scottish company on July 13, 2015. The British pound was worth $1.74 on June 15, 2015, and $1.78 on July 13, 2015.

Prepare entries for Megawatt Corporation needed on June 15, 2015, and July 13, 2015.
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
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ACC 925

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#1
6 years ago
June 15    Inventory   174,000
   Accounts Payable      174,000
      (100,000 × $1.74)
July 13    Accounts Payable   174,000
   Foreign-Currency Transaction Loss   4,000
      Cash         178,000
      (100,000 × $1.78)
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