Please notice that each line item has a respective section for Debit and Credit. If found appropriate, please ensure they are filled out. You do not have to give a thorough explanation; however, please ensure there is some organization - preferably an Excel-like table - that shows what goes where. Thank you in advance!

Question 2 of 17-145View PoliciesCurrent Attempt in ProgressCarla Vista Exporting Co. is a U.S. wholesaler engaged in foreign trade. The following transactions are representative of its businessdealings. The company uses a periodic inventory system and is on a calendar-year basis. All exchange rates are direct quotations.Dec. 1Carla Vista Exporting purchased merchandise from Chang's Ltd., a Hong Kong manufacturer. The invoice was for340,000 Hong Kong dollars, payable on April 1. On this same date, Carla Vista Exporting acquired a forward contract tobuy 340,000 Hong Kong dollars on April 1 for $0.1314.Dec. 29Carla Vista Exporting sold merchandise to Zintel Retailers for 240,000 Hong Kong dollars, receivable in 90 days. Nohedging was involved.April 1Carla Vista Exporting received 240,000 Hong Kong dollars from Zintel Retailers.April 1Carla Vista Exporting submitted full payment of 340,000 Hong Kong dollars to Chang's, Lid, after obtaining the340,000 Hong Kong dollars on its forward contract.Spot rates and the forward rates for the Hong Kong dollar were as follows:Forward Rate forSpot RateApril 1 DeliveryDec. 1$0.1265$0.1314Dec. 290.12400.1305Dec. 310.12590.1308April 10.1430(a) Prepare journal entries for the transactions including the necessary adjustments on December 31. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles andenter O for the amounts. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitCredit Question 2 of 17(a) Prepare journal entries for the transactions including the necessary adjustments on December 31. (Credit account titles are automatically indented when the amouDateAccount Titles and ExplanationDebitCreditTo record purchase)(To record the forward contract)(To record gain or loss on accounts payable)(To record gain or loss on foreign currency)Apr. 1Dec 1Dec 29Dec 31(To record gain or loss on accounts receivable)(To record gain or loss on accounts receivable)