Gaw Produce Co Required:
Prepare All Journal Entries for Gaw Produce Co

Essay

Gaw Produce Co.purchased inventory from a Japanese company on December 18,2011.Payment of 4,000,000 yen (¥)was due on January 18,2012.Exchange rates between the dollar and the yen were as follows: $\begin{array}{cc}& \text { Exchange } & \\\underline{ \text { Date }} & \underline{\text { Rate}} \\ \text { December 18, 2011} &¥1=\$ .0080 \\ \text { December 31, 2011 } &¥ 1=\$ .0082 \\ \text { January 18,2012 } &¥ 1=\$ .0083 \\ \text { } &\\\end{array}$

Required:
Prepare all journal entries for Gaw Produce Co.in connection with the purchase and payment.