Prepare general journal entries to record the purchase

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Question - On July 1, 2017, purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase. On July 30, 2017, paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0097 on the date of payment. Prepare general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.

Reference no: EM132445729

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