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2. On December 15, 2017, Lisbeth Inc. (a U.S. company) purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows

December 15, 2017	$	0.28
December 31, 2017		0.30
January 25, 2018		0.33
January 31, 2018		0.34

Prepare all journal entries for Lisbeth Company in connection with this purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record inventory purchase from foreign supplier

Date	General Journal	Debit	Credit
12/15/2015	inventory	?
	Accounts payable (schillings)		?

Record the entry for changes in the exchange rate.

Date	General Journal	Debit	Credit
12/31/2015	Accounts payable (schillings)	?
	Foreign exchange loss		?

Record the entry for changes in the exchange rate

Date	General Journal	Debit	Credit
01/25/2016	Accounts payable (schillings)	?
	Foreign exchange loss		?
	cash

Record the payment made for inventory purchase at spot rate

Date	General Journal	Debit	Credit
01/25/2016

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