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Journalize the following foreign - currency transactions for QueenswayQueensway Import Inc.: November 1 7 , 2 0 2 3 2 0 2 3 Purchased goods

Journalize the following foreign-currency transactions for QueenswayQueensway Import Inc.: November17,20232023 Purchased goods on account from a Japanese company. The price was 500 comma 000500,000yen, and the exchange rate of the yen was $ 0.0117$0.0117. Assume QueenswayQueensway uses the perpetual method of inventory so purchases are reported directly in the Inventory account. December16,20232023 Paid the Japanese supplier when the exchange rate was $ 0.0120$0.0120. December19,20232023 Sold merchandise on account to a French company at a price of euro80 comma 00080,000. The exchange rate for euros was $ 1.57$1.57(ignore the inventory and cost of goods sold here). December31,20232023 Adjusted for the decrease in the value of the euro, which had an exchange rate of $ 1.54$1.54. QueenswayQueensway Import Inc.'s year end is December 31. January14,20242024 Collected from the French company. The exchange rate was $ 1.58$1.58.

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