On December 19, 2003, Mr. Kitty Company performed services for Cartour Company. The contracted price for the services was 20,000 euros, to be paid on March 23, 2004. On December 19, 2003, one euro equaled $0.94. On December 31, 2003, one euro equaled $0.98, and on March 23, 2004, one euro equaled $0.91. Mr. Kitty is a U.S. company. 1. Make the journal entry on Mr. Kitty’s books to record the provision of services on December 19, 2003. 2. Make the necessary adjusting entry on Mr. Kitty’s books on December 31 to adjust the account receivable to its appropriate U.S. dollar value. 3. Make the journal entry on Mr. Kitty’s books to record the collection of the 20,000 euros on March 23. 4. Interpretive Question: Why would Mr. Kitty, a U.S. company, agree to denominate the contract in euros instead of in U.S. dollars?