Utah Ranchers exports beef to Japan. In the space provided below, prepare journal entries to record the following events. 2010 Nov. 1 Sold beef steaks to a Japanese restaurant chain at a price of 1 million yen, due in 90 days. The current exchange rate is $0.0101 U. S. dollars per yen. (Utah uses the periodic inventory method.) Utah made a year-end adjusting entry relating to the account receivable from the Japanese restaurant chain. The exchange rate at year-end is $0.0102 U. S. dollars per yen. Dec. 31 2011 Feb. 1 Received a check for $10,300 from the Universal Bank in full settlement of the receivable from the Japanese restaurant chain. The exchange rate at this date is $0.0103 U. S. dollars per yen. General Journal 2010 Nov. 1 Dec. 31 2011 Feb. 1 Column Type of Credit Currency Used in Exchange Rate Effect on Transaction Contract Direction Income Case 2 3 4 A Sales Foreign currency Rising B Purchases Rising No effect Purchases Foreign currency Loss D Sales U.S. dollars Falling E Foreign currency Falling Gain Instructions After evaluating the information about each case, fill the blank space that has been left in one of the four columns denoted by a yellow color. The content of each column and the word or words that you should enter in the blank spaces are described below: Column 1 indicates the type of credit transaction in which the American company engaged with the foreign corporations. The answer entered in this column should be either "Sales" or "Purchases." Column 2 indicates the currency in which the invoice price is stated. The answer may be either "U.S. dollars" or "Foreign currency." Column 3 indicates the direction in which the foreign currency exchange rate has moved between the date of the credit transaction and the date of settlement. The answer in this column may be either "Rising" or "Falling." Column 4 indicates the effect of the exchange rate fluctuation upon the income of the American company. The answers entered in this column are to be selected from the following: "Gain," "Loss," or "No effect