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 $92,000 (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 February 1