68 . Importing transactions - journal entries Striking Furs imports furs from Canada In the space provided below prepare journal entries to record the following events Dec . 1 1 2009 Purchased furs from Capable Trappers Itd a Canadian corporation , at a price of 25 090 Canadian dollars , due in GO days . The current exchange rate is 85 US dollars per Canadian dollar ( Striking uses the perpetual inventory method debit the Inventory account . ) Dec 31 2009 : Striking made a year - end adjusting entry relating to the account payable to Capable Trappers The exchange rate at year -end is 89 US dollars per Canadian dollar Feb . 9 2010 : Issued a check for $21 750 ( US dollars ) to National Bank in full settlement of the liability to Capable Trappers Itd The exchange rate at this date is 87 US dollars per Canadian dollar General Jor nal DEC 1 1 DANG 31 2010 FEES