B- Presented below is information related to XYZ Company (a U.S. company ) : On November 15 , 2011 purchased inventory from a foreign supplier for 40,000 foreign currency units. On November 15, 2011 sold merchandise to a foreign customer for 100,000 foreign currency units . On January 15,2012 , paid the amount due to the foreign supplier On February 1 , 2012 , received the amount due from the foreign customer . Required: Prepare the journal entries for the previous transactions in the books of XYZ Company . The following exchange rates apply : Date US Dollar per FCU Date US Dollar per FCU Nov 15,2011 $0.40 Jan 15,2012 $0.37 Dec 31,2011 0.42 Feb 1,2012 $0.36

B- Presented below is information related to XYZ Company (a U.S. company): EGYP - On November 15, 2011 purchased inventory from a foreign supplier for 40,000 foreign currency units. - On November 15, 2011 sold merchandise to a foreign customer for 100,000 foreign currency units. On January 15,2012, paid the amount due to the foreign supplier On February 1, 2012, received the amount due from the foreign customer. Required: Prepare the journal entries for the previous transactions in the books of XYZ Company. The following exchange rates apply: Date US Dollar per FCU Date US Dollar per FCU Nov 15,2011 $0.40 Jan 15,2012 $0.37 Dec 31,2011 $0.42 Feb 1,2012 $0.36 (14 marks)