December 31, and the receipt of payment February 20. LO1 3. Journal entries for an accounts receivable denominated in Swiss Francs ($US strengthens and weakens) Assume that your company sells products to a customer located in Switzerland on November 20. The invoice specifies that payment is to be made on February 20 in Swiss Franc (CHF) in the amount of CHF 300,000. Your company operates on a calendar year basis. Assume the following exchange rates: November 20 December 31 February 20 $1.13:1CHF $1.10:1 CHF $1.12:1CHF Prepare the journal entries to record the sale (ignore cost of goods sold), the required adjusting entry at ign currency denominated LO2