Purchases for the amount of EUR 12,000 were bought from one supplier in France and invoice is payable within 60 days in Euros. The invoice was received and recorded in the Company's accounts on May 31st,2006. The exchange rate of Euros to US was 1 Euro =1.30 US $ and 1 Euro =1.25 US $ on May 31st,2006 and June 30th,2006 respectively. Please prepare the required journal entries on May 31st and June 30th assuming that the Company maintains its accounts in U.S. Dollars and closes its accounts on quarterly basis. 3. Water and electricity bills for the month of June 2006 have not been received yet. Total of the two bills is estimated at $1,500 4. Vehicles, with an original cost of $60,000 and monthly depreciation of $1,000, were incorrectly depreciated at $1,100 a month from January until June. 5. Management decided to increase the provision for doubtful accounts to reach 10% of total receivables. The accountant forgot to do the change during June 2006