On December 15, 2020, Edmonton Horticulture Society (EHS) received supplies on account costing US$5,000 from a vendor in Washington. EHS, whose year-end is December 31, 2020, paid the account in full on January 3, 2021. Exchange rates were as follows:

Required:

Assume that EHS expenses supplies when received. Prepare the required journal entries to record receipt of the supplies inventory, any adjustment required at year-end, and payment of the accounts payable.

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December 15, 2020 December 31, 2020 January 3, 2021 Average rate December 15, 2020-January 3, 2021 US$1.00 = C$1.04 US$1.00 = C$1.01 US$1.00 = C$1.03 US$1.00 = C$1.02