Journalize the following foreign-currency transactions for Queensway Import Inc.:

2020

Nov. 17 Purchased goods on account from a Japanese company. The price was 500,000¥, and the exchange rate of the yen was $0.0117. Assume Queensway uses the perpetual method of inventory so purchases are reported directly in the Inventory account.

Dec. 16 Paid the Japanese supplier when the exchange rate was $0.0120.

19 Sold merchandise on account to a French company at a price of €80,000. The exchange rate for euros was $1.57 (ignore the inventory and cost of goods sold here).

31 Adjusted for the decrease in the value of the euro, which had an exchange rate of $1.54. Kingsway Import Inc.’s year-end is December 31.

2021

Jan. 14 Collected from the French company. The exchange rate was $1.58.