code Y-DEFGH1K18. Platypus Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million aremade on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on 1 September 2022. Platypus Ltd'sreporting date is 30 June.Additional informationDateSpot rate1 May 2022A$1.00US$0.8430 June 2022A$1.00 US$0.851 September 2022 A$1.00 = US$0.86REQUIREDPrepare the journal entries for Platypus Ltd to account for the above transaction. LO 30.2, 30.3, 30.5Sheet1

Foreign Exchange Rate has a vital role in the export and import business, because these rates are…

G H Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million a ade on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on 1 September 2022. Platypus L porting date is 30 June. dditional information ate Spot rate May 2022 A$1.00 US$0.84 June 2022 A$1.00 US$0.85 eptember 2022 A$1.00= US$0.86 QUIRED

G H Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million a ade on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on 1 September 2022. Platypus L porting date is 30 June. dditional information ate Spot rate May 2022 A$1.00 US$0.84 June 2022 A$1.00 US$0.85 eptember 2022 A$1.00= US$0.86 QUIRED

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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