Assume that Twitter Stores completed the following foreign-currency transactions:

Requirements
1. Journalize these transactions for Twitter. Focus on the gains and losses caused by changes in foreign-currency rates. (Round your answers to the nearest whole dollar.)
2. On June 10, immediately after the purchase, and on July 23, immediately after the sale, which currencies did Twitter want to strengthen? Which currencies did in fact strengthen? Explain yourreasoning.

Transcribed Image Text:

Purchased DVD players as inventory on account from Moshu, a Japanese company. The price was 600,000 yen, and the exchange rate of the yen was $0.0087 Paid Moshu when the exchange rate was $0.0076. Sold merchandise on account to Le Fleur, a French company, at a price of 30,000 euros. The exchange rate was $1.17. Collected from Le Fleur when the exchange rate was $1.14. Jun 9 Jul 18 22 28