(Learning Objective 4: Managing and accounting for foreign currency transactions)

Assume that Tech Know Stores completed the following foreign currency transactions:

■ writing assignment

❙ Requirements 1. Journalize these transactions for Tech Know. Focus on the gains and losses caused by changes in foreign currency rates. (Round your answers to the nearest whole dollar.)

2. On July 18, immediately after the purchase, and on August 20, immediately after the sale, which currencies did Tech Know want to strengthen? Which currencies did in fact strengthen? Explain your reasoning.