Foreign Currency Purchase Wittenbecher’s, a German company that supplies your firm with a necessary…

Foreign Currency Purchase

Wittenbecher’s, a German company that supplies your firm with a necessary raw material, recently shipped 15,000 units of the material to your production facility.

1. Prepare the necessary journal entries to record the purchase of the goods and the subsequent payment 30 days later if the selling price on the invoice is $3 per unit.

2. Prepare the necessary journal entries to record the purchase of the goods and the subsequent payment 30 days later if the selling price on the invoice is 6 euros per unit. On the date of purchase, 1 euro is worth $0.50, and the rate on the date of payment is $0.60.

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