Chocolate De-lites imports and exports chocolate delicacies. Some transactions are denominated in U.S. dollars and others in foreign currencies. A summary of accounts receivable and accounts payable on December 31, 20X6, before adjustments for the effects of changes in exchange rates during 20X6, follows: Accounts receivable: In U.S. dollars In 475,000 Egyptian pounds (EL) Accounts payable: In U.S. dollars In 21,000,000 yen () $164,000 $ 73,600 $ 86,000 $175,300 The spot rates on December 31, 20X6, were ces E1 1 = $0.176 = $0.0081 The average exchange rates during the collection and payment period in 2007 are E1 1 = $0.18 = $0.0078 Required: a. Prepare the adjusting entries on December 31, 20X6. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 Record the entry to adjust the receivable denominated in Egyptian pounds to the U.S. dollar equivalent. Note: Enter debits before credits. Date General Joumal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet 2 Record the entry to adjust the payable denominated U.S. dollar equivalent. Japanese yen to the Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general joumal b. Prepare the collection of the accounts receivable in 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet