Problem - Prepare Journal Entries related to Foreign Currency Transactions

Benson Corporation, a U.S. corporation with a March 31st Fiscal Year-End, enters into the following importing & exporting transactions during the months of March and April. Benson uses a perpetual inventory system.

March 2nd - Sold merchandise to a British retailer with an invoice amount of $23,500. The merchandise cost was $16,500. The exchange rate at the time was .6528 Pounds per US$

March 13th - Sold merchandise to a retailer in Japan. The invoice amount was 5,350,000 yen. The merchandise cost was $35,300. The exchange rate at the time was 106 yen per US$.

March 23rd - Bought merchandise on account from a company in Mexico. The invoice was for 425,000 pesos. The exchange rate at the time for pesos was $1.0912.

March 31st - Paid the amount due to the Mexican company (March 23rd transaction). The exchange rate at the time for pesos was $.9892.

End of Fiscal Year - Indirect Exchange Rates at this time.

.5982 Pounds per US$

103 yen per US$

.9892 peso per US$

April 3rd - Received payment on the March 2nd invoice. The exchange rate at this time was .6315 Pounds per US$

April 10th - Received payment on the March 13th invoice. The exchange rate at this time was 105 yen per US$

Prepare ALL necessary March and April Journal Entries related to the above information. Make sure you identify if you are crediting or debiting an account. Round all amounts to the nearest dollar. REQUIRED: