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Question 1 On October 1, 2007, Eagle Company forecasts the acquirement of annual from a British supplier on February 1, 2008, at a bulk of 100,000 British pounds. On October 1, 2007, Eagle pays $1,800 for a three-month alarm advantage on 100,000 pounds with a bang bulk of $2.00 per pound. The advantage is advised to be a banknote breeze barrier of a forecasted adopted bill transaction. On December 31, 2007, the advantage has a fair bulk of $1,600. The afterward atom barter ante apply: October 1,2007 $2.00 December 31,2007 $1.97 February 1, 2008 $2.01 Q.What is the bulk of Adjustment to Accumulated Other Comprehensive Income for 2008 from these transactions? Question 2 Record the afterward affairs on the books of Essex Corp., which uses a abiding annual system. On July 1, Essex Corp. awash commodity on annual to Cambridge Inc. for $49,300, agreement 2/10, n/30. The amount of the commodity awash was $27,700. On July 8, Cambridge alternate commodity annual $8,000 to Essex. Its aboriginal amount was $4,620. The commodity was adequate to inventory. On July 9, Cambridge paid for the merchandise. Assume now that Cambridge did not pay on July 9, as adumbrated above. At the end of August, Essex added one month’s absorption to Cambridge’s annual for the behind receivable. Essex accuse 24% per year on behind accounts.

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