eBook Print Question 2 Not complete Marked out of 20.00 P Flag question Journal entries for an accounts payable denominated in Canadian Dollars ($US strengthens and weakens) Assume that your company purchases inventories from a Canadian supplier on November 3. The invoice specifies that payment is to be made on February 1 in Canadian dollars ($CAD) in the amount of $200,000 (CAD). Your company operates on a calendar year basis. Assume the following exchange rates: November 3 $0.77:CAD$1 December 31 $0.72:CAD$1 February 1 $0.74:CAD$1 Prepare the journal entries to record the purchase (assume perpetual inventory accounting), the required adjusting entry at December 31, and the payment on February 1. Description Debit Credit Date 11/3 . 0 0 0 0 12/31 0 0 0 0 2/1 Accounts payable 0 0 0 0 0 0 0 Check