The journal entries provided are already in English. However, here they are again for clarity:

1. Debit Note Payable $48,000 Credit Foreign Exchange Gains and Losses $2,000 Credit Cash $46,000 To partially repay the long-term note payable (foreign exchange gains of $2,000 (€40,000 x ($1.20 - $1.15)) and cash of $46,000 (€40,000 x $1.15).

2. Credit Cash $1,150 Debit Outstanding Account Payable $1,150 (foreign exchange gains of $50 (€1,000 x ($1.20 - $1.15)).

These entries reflect transactions involving foreign currency exchanges, settlement of payables, and the recognition of foreign exchange gains or losses.