Platypus Ltd exports goods to Harlom Inc. All sales contracts are denominated in US dollars. Sales of US$5 million are made on 1 May 2022, FOB Sydney. The amount is due for payment by Harlom Inc. on 1 September 2022. Platypus Ltd’s reporting date is 30 June.

REQUIRED
Prepare the journal entries for Platypus Ltd to account for the above transaction.

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Additional information Spot rate A$1.00 US$0.84 A$1.00 US$0.85 1 September 2022 A$1.00 = US$0.86 Date 1 May 2022 30 June 2022