Alimo Trading co. in Canada Imports Almonds from a seller in California, USA to be sold in retail in Canada. The seller allows this buyer to pay their invoices in 60 days. On 21st Aug. 201X, Alimo purchased $210,000 US worth of almonds (due on Oct. 20th). Invoices and payments are recorded based on the applicable exchange rates. Alimo produces its financial statements every month, on the last business day The exchange rates are as under: August 21, 201x August 31, 201X Sept. 30, 201X 1 USD = 1.189 CAD 1 USD = 1.177 CAD 1 USD = 1.173 CAD Oct. 20, 201X 1 USD = 1.179 CAD Please provide the necessary journal entries on transaction date, on reporting dates and on settlement date.

Alimo Trading co. in Canada Imports Almonds from a seller in California, USA to be sold in retail in Canada. The seller allows this buyer to pay their invoices in 60 days. On 21st Aug. 201X, Alimo purchased $210,000 US worth of almonds (due on Oct. 20th). Invoices and payments are recorded based on the applicable exchange rates. Alimo produces its financial statements every month, on the last business day The exchange rates are as under: August 21, 201x August 31, 201X Sept. 30, 201X 1 USD = 1.189 CAD 1 USD = 1.177 CAD 1 USD = 1.173 CAD Oct. 20, 201X 1 USD = 1.179 CAD Please provide the necessary journal entries on transaction date, on reporting dates and on settlement date.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 27P

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