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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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