Problem 1 On June 1 Reputable Company bought goods from a foreign supplier at a price of 12,000 FCU (FCU is "foreign currency units") Reputable will make full payment in three months on September 1. Reputable closes its books and prepares interim financial statements on June 30 Prepare all journal entries, including adjusting entries, to record this purchase by Reputable Company. Date Spot rate June 1 $0.40 June 30 $0.42 Sept. 1 $0.37 Prepare all the journal entries needed by Reputable on June 1, June 30 and September 1 You can refer to homework problems 9-25 and 9-26 for guidance on this exam