CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Tries remaining: Marked out of 16.67 Flag question Journal entries for an account payable denominated in Mexican Pesos ($US weakens) Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos (Peso) in the amount of 105,000 Pesos. Your company operates on a calendar year basis Assume the following exchange rates: December 15 $0.080:1 Peso December 31 $0.090:1 Peso March 15 $0.095:1 Peso Prepare the journal entries to record the purchase (assume perpetual inventory accounting), the required adjusting entry at December 31, and the payment on March 15 General Journal Date Description Debit Credit Dec 15 0 Dec 31 0 Mar 15 Accounts payable Check