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Journal entries for an account payable denominated in Mexican Pesos ( $US weakens and strengthens ) Pesos. Your company operates on a calendar year basis.

Journal entries for an account payable denominated in Mexican Pesos $($ $US weakens and strengthens $)$

Pesos. 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 March $15 .$

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