P9-28\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBartlett Company, headquartered in Cincinnati, OH has occasional transactions with companies in a foreign country whose currency is the lira. Prepare journal entries for the following transactions in US dollars. Also prepare any necessay adjusting entries at December 31 caused by fluctuations in the value of the lira. Assume that the company uses a perpetual inventory system.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTransactions in 2013:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u0444\u0435\u0432\u0440\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBought equipment for 40,000 lira on credit.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u0430\u043f\u0440\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPaid for the equipment purchased February 1.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u0438\u044e\u043d\u044f\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBought inventory for 30,000 lira on credit.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u0430\u0432\u0433\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tSold 70 percent of inventory purchased June 1 for 40,000 lira on credit\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u043e\u043a\u0442\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCollected 30,000 lira from the sales made on August 1, 2013.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u043d\u043e\u044f\u0431\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPaid 20,000 lira on the debts incurred on June 1, 2013.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTransactions in 2014:\t\t\t\t\t\t\t\t\t\t\u00a0\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u0444\u0435\u0432\u0440\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCollected remaining 10,000 lira from August 1, 2013, sales.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t01.\u043c\u0430\u0440\u0442\u0430\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPaid remaining 10,000 lira on the debts incurred on June 1, 2013.\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCurrency exchange rates for 1 lira for 2013\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tCurrency exchange rates for 1 lira for 2014\t\t\t\t\t\t\tP10-34,<\/p>\n","protected":false},"excerpt":{"rendered":"
P9-28 Bartlett Company, headquartered in Cincinnati, OH has occasional transactions with companies in a foreign country whose currency is the lira. Prepare journal entries for the following transactions in US dollars. Also prepare any necessay adjusting entries at December 31 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201345","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201345"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201345\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}