Essay
Rainier Importers purchases automotive parts from Austria. Prepare journal entries for the following transactions of Rainier.
Oct 1 Purchased inventory from Klossner Co. for 12,000 euros, terms n/30. The exchange rate was $1.15 per euro.
Oct 30 Paid Klossner Co. for the October 1 purchase. The exchange rate was $1.13 per euro.
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