Solved: Tin inc completed sales transaction with a company, Accounting Basics

+44 141 628 6080
[email protected]

Tin inc completed sales transaction with a company

Question: Tin Inc completed sales transaction with a company, specifically on november 1 2007, Tin inc sold 60,000units of its november product, Tin inc 6000(tin foil package) on account for 90,000,000 taiwan dollars. the transaction will be settled in march 31 2008.

Direct exchange rate Date Spot rate

Nov 1 2007 $.0245

dec 31 2007 $.0231

jan 1 2008 $ .0220

feb 1 2008 $ .0210

march 31 2008 $.0250

april 30 2008 $. 0240

Prepare Journal Entries to record the transactions, adjust the accounts and settle the contract. Please provide the date for each journal entry.

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Tin inc completed sales transaction with a company

Reference No:- TGS02535324

Now Priced at $10 (50% Discount)

Recommended (92%)

Rated (4.4/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

Is early food experiences can impact development

Early food experiences can impact development over several learning domains, including Social and Emotional Development, Language

Why you feel unpleasantly hot and sweaty

Working in the yard, you feel unpleasantly hot and sweaty when you come in the house, so you take a shower and begin to feel better.

Identify a true statement about validity

Question: Identify a true statement about validity as applied to a test. Multiple choice question

How ensure that the youth understand what study involves

What is another way to say ". It is important to ensure that the youth understand what the study involves, what their participation entails

Is lifespan psychologists are unlikely to investigate

Lifespan psychologists are unlikely to investigate both changes as well as consistencies that exist in different individuals'

Problem regarding the america youth and social media

Think about where you were the most and least engaged when reading a classmate's draft. Think about what captured your attention

Problem on journal articles and non-journal materials

Amanda said? Excellent post, Chrystal. You provided great insight into the helpful resource ERIC digital library is. I appreciate how it states the information

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Tin inc completed sales transaction with a company

Reference No:- TGS02535324

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Tina is the only shareholder of edgecombe corporation tinas

Q : Initially you need an introduction which lays out the

Q : This quote assumes that professional relationships and

Q : A description of how the systems model enables

Q : Tin inc completed sales transaction with a company

Q : What keeps other companies from having the commitment to

Q : Buyer bought a television from wal-mart wal-mart failed to

Q : What does speeches seem booker t washington wants for the

Q : What are the factors that determine if an individual is an