Journal entries for an account payable denominated in Canadian Dollars ($US strengthens) Assume that your company purchases inventories from a Canadian supplier on November 3. The invoice specifies that payment is to be made on February 1 in Canadian dollars ($CAD) in the amount of $75,000 (CAD). Your company operates on a calendar year basis. Assume the following exchange rates: Prepare the journal entries to record the purchase (assume perpetual inventory accounting), the required adjusting entry at December 31, and the payment on Feb. 1