A U.S Company David Inc. sold merchandise to Fernando SA for 10,000 on September 14, 2017....

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A U.S Company David Inc. sold merchandise to Fernando SA for €10,000 on September 14, 2017. The spot rate for euro is $0.720 on this day. On October 12, 2018, David Inc. purchased merchandise from Mark AG for 12,000 Swiss franc, when the spot rate at this date is $1.312. The spot rates for currencies on December 31, 2017 are $0.721 for euro, and $1.310 for Swiss franc. Davic Inc. collected the sales to Fernando SA and paid the purchase from Mark AG on January 18, 2018, when the spot rates are $0.724 for euro and $1,313 for Swiss franc. David Inc. converted the Swiss franc received from Fernando SA on August 11, 2018, with a spot rate of $0.719 for euros. David Inc. closes its books every December 31. Required : Prepare the required journal entries to account for the transactions above A U.S Company David Inc. sold merchandise to Fernando SA for €10,000 on September 14, 2017. The spot rate for euro is $0.720 on this day. On October 12, 2018, David Inc. purchased merchandise from Mark AG for 12,000 Swiss franc, when the spot rate at this date is $1.312. The spot rates for currencies on December 31, 2017 are $0.721 for euro, and $1.310 for Swiss franc. Davic Inc. collected the sales to Fernando SA and paid the purchase from Mark AG on January 18, 2018, when the spot rates are $0.724 for euro and $1,313 for Swiss franc. David Inc. converted the Swiss franc received from Fernando SA on August 11, 2018, with a spot rate of $0.719 for euros. David Inc. closes its books every December 31. Required : Prepare the required journal entries to account for the transactions above

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