On May 1, our company sells $990,000 of inventory to a customer in France. The customer demands that the invoice be stated in Euros (). The exchange rate on the date of sale is $1.32:1. Accordingly, the invoice is written for 750,000, and payment is due July 31. Our company feels that the $US has been over-sold and is likely to rebound during the next 90 days, thus lowering the $US equivalent of the receivable. The current futures price for 90-day delivery of $1.29 reflects our view. Since we feel that the SUS is likely to strengthen even more, we purchase a forward contract to sell Euros at $1.29 on July 31. The data below relates the spot and forward rates for the US and the Euro: Spot Forward Rate Rate 1-May $1:32:1 $1.29:1 30-Jun $1.27:01 $1.26:1 31-Jul $1.25:1 na Please prepare journal entries for both the accounts receivable and sale and the forward contract for May 1, June 30, and July 31. Accounts receivable Debit Credit Forward Contract Debit Credit