Tex Hardware sells many of its products overseas. The following are some selected transactions.

1. Tex sold electronic subassemblies to a firm in France for 120,000 French francs (FF) on June 6, when the exchange rate was \(\mathrm{FF} 1=\$ .1750\). Collection was made on July 3 , when the rate was \(\mathrm{FF} 1=\$ .1753\).

2. On July 22, Tex sold copper fittings to a company in London for 30,000 pounds ( \(£\) ), with payment due on September 20. Also, on July 22, Tex entered into a 60 -day forward contract to sell 30,000 pounds at a forward rate of \(£ 1=\$ 1.630\). The spot rates were:

3. Tex sold storage devices to a Canadian firm for \(\mathbf{C} \$ 70,000\) (Canadian dollars) on October 11, with payment due on November 10. On October 11, Tex entered into a 30 -day forward contract to sell Canadian dollars at a forward rate of \(\mathrm{C} \$ 1=\$ .730\). The spot rates were as follows:

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Prepare journal entries to record Tex Hardware's foreign sales of its products, use of forward contracts, and settlements of the receivables.

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July 22 September 20 1 = $1.580 1 = $1.612