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Assignment Details
N3
Globalization is a continuous process whereby managers become aware of the impact of international activities on their companies. This process takes place in stages that include exporting, licensing
joint ventures, wholly owned subsidiaries, and global sourcing. Each stage has implications for the type of accounting information reported.
Striking Furs imports furs from Canada. In the space provided below, prepare journal entries to record the following events.
• Dec 11, 2017: Purchased furs from Capable Trappers, Ltd., a Canadian corporation, at a price of 25,000 Canadian dollars, due in 60 days. The current exchange rate is $0.85 U.S. dollars per
Canadian dollar. (Striking uses the perpetual inventory method; debit the Inventory account.)
• Dec 31, 2017: Striking made a year-end adjusting entry relating to the account payable to Capable Trappers. The exchange rate at year-end is $0.89 U.S. dollars per Canadian dollar.
• Feb. 9, 2018: Issued a check for $21,750 (U.S. dollars) to National Bank in full settlement of the liability to Capable Trappers, Ltd. The exchange rate at this date is $0.87 U.S. dollars per Canadian
dollar
General Journal
2017
Dec
11
Dec 31
2018
Feb 9
2. Explain ways in which Striking Furs can protect itself against the losses that would arise from a sudden increase in the foreign exchange rate.
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