Harris inc. had the following transactions:

Harris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese company for a U.S. dollar equivalent value of $8,200 to be paid on June 20. The exchange rates were May 1 1 yen = $0. 0070 June 20 1 yen = 0 . 0075 2. On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $11,400, to be received on August 10. Brazil's local currency unit is the real. The exchange rates were July 1 1 real= $ 0.20 August 10 1 real= 0. 22 Required: a. Assume that the two transactions are denominated in U.S. dollars. Prepare the entries required for the dates of the transactions and their settlement in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit May 01 Inventory (or Purchases) 8,200 Accounts payable 3,20 2 June 20 Accounts payable 8,200 Cash 3,200 3 July 01 Accounts receivable 11,400 Sales 11,400 4 August 10 Cash 11,400 Accounts receivable 1,400b. Assume that the two transactions are denominated in the applicable local currency units of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the local currency units of the Japanese company (yen) and the Brazilian customer (real). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole number.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 May 01 Purchased call options 8,200 Accounts payable (#) B,200 2 June 20 Accounts payable (*) 600 Cash 600 Foreign currency transaction gain 3 June 20 Accounts payable () 8,800 Accounts payable (#) 8.800 Accounts payable (*) Foreign currency transaction loss 4 June 20 Foreign currency transaction loss 11,400 Accounts payable (#) 11,400 5 July 01 Accounts receivable (BRL) 11,400 Sales 11,400 6 August 10 Cash 8,200 Foreign currency transaction loss 8,200 7 August 10 Accounts receivable (BRL) 600 Foreign currency transaction gain 600