Solved: The spot rate for yen was 00079 on september 1 and the spot, Accounting Basics

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The spot rate for yen was 00079 on september 1 and the spot

Question - On September 1, 2017, Mardan Company purchased merchandise from Bobco Company of Japan for 20,000,000 yen payable on October 1, 2017. The spot rate for yen was $0.0079 on September 1 and the spot rate was $0.0077 on October 1. The purchase was paid on October 1, 2017.

Required:

1. Did the U.S. dollar strengthen or weaken from September to October and what are the implications for Mardan's business?

2. What journal entry did Mardan record on September 1, 2017?

3. What journal entry did Mardan record on October 1, 2017?

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Accounting Basics: The spot rate for yen was 00079 on september 1 and the spot

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Accounting Basics: The spot rate for yen was 00079 on september 1 and the spot

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