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Alabaster Ltd has a functional currency of A$. On 15 June 2023 , Alabaster Ltd...

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Accounting

image Alabaster Ltd has a functional currency of A$. On 15 June 2023 , Alabaster Ltd purchases goods on credit terms from a New Zealand supplier for NZ\$220 000. Alabaster Ltd pays the invoice in full on 20 July 2023. Exchange rates are: 15 June 2023 NZ\$1.00 = A $0.95 30 June 2023NZ$1.00=A$0.90 20 July 2023NZ$1.00=A$0.92 What is the journal entry at the end of the reporting period on 30 June 2023 ? a. DR. Foreign Exchange Loss $11000 CR. Accounts Payable $11000 b. DR. Accounts Payable $11000 CR. Foreign Exchange Gain $11000 c. DR. Accounts Payable $12865 CR. Foreign Exchange Gain $12865 d. DR. Foreign Exchange Loss $12865 CR. Accounts Payable $12865

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