Assume that your company sells products to a customer located in France on October 15. The invoice specifies that payment is to be made on January 15 in Euros () in the amount of 205,000. Your company operates on a calendar year basis. Assume the following exchange rates: October 15 $1.05: 1 December 31 $1.15: 1 January 15 $1.20: 1 Prepare the journal entries to record the sale (ignore cost of goods sold), the required adjusting entry at December 31, and the receipt of payment January 15. General Journal Description Debit Credit Oct 15 0 Date 0 0 0 Dec 31 0 0 0 0 Jan 15 0 0 Accounts receivable 0 0 0 0 Cash Inventory Accounts payable Accounts receivable Foreign currency transaction gain Foreign currency transaction loss