On November 1,2014,the Yankee Corporation,a U

Essay

On November 1,2014,the Yankee Corporation,a U.S.corporation,purchased and received an extruding machine from Wales Corporation,a UK company.The purchase price was $10,000 (U.S.dollars)and Yankee agreed to pay in pounds on February 1,2015.Both corporations are on a calendar year accounting period.Assume that the spot rates for the British pound on November 1,2014,December 31,2014,and February 1,2015,are $1.60,$1.62,and $1.66,respectively.
Required:
Record the November 1,December 31,and February 1 transactions in the General Journals of Yankee Corporation and Wales Corporation.If no entry is required on a particular date,indicate "No entry" in the General Journal.