Homework answers / question archive / lIIIIUESTICIN FOUR Sport Direct Limited placed an order for 505 TREE machines at a cost of $155 ??i} {after discount] from Welles Lim ited1 a supplier in the UK

lIIIIUESTICIN FOUR Sport Direct Limited placed an order for 505 TREE machines at a cost of $155 ??i} {after discount] from Welles Lim ited1 a supplier in the UK

Accounting

Share With

lIIIIUESTICIN FOUR Sport Direct Limited placed an order for 505 TREE machines at a cost of $155 ??i} {after discount] from Welles Lim ited1 a supplier in the UK. The T5155 machines are top of the range ball feeder machines and are exclusive to Welles Limited. The order was placed on the 15111 of March 2521) as Sport Direct is hoping it will an'ive in time for the cricket league season. The order was accepted by Welles Limited on the 15th of March 2520. The order was completed and packed for loading on the 2?th of June 212121]. On the 1st of July 2525, the stock was delivered to the harbour and loaded onto the ship. Due to industrial strike action by staff at the Port1 the ship had to delay its leaving of the Port. The ship eventually left the harbour on the 5th of July 212121] and an'ived in Durban on the 1 August 2151211 The inventory was off loaded and released from Customs on the same day. On the 3rd of August 2521]. the inventory was delivered to Sport Direct's warehouse. The company sold 513% of the goods ordered to a local sports organization by the 31st of December 2521) with a markup on 211% on cost. Payment for the order was made on the 15th of January 213121. Sport Direct Limited's ?nancial year end is 31st of December. Required: 1. State the transaction, translation, and settlement dates assuming the machines were shipped PBS with supporting reasons where possible for your answer. (3) 2. Show all the journal entries in the books of Sport Direct Limited for the year ended 31 December 21:121.] and journals for the ended 31 December 21:121. Assumed the goods were shipped using the lGIF method. Please include narrations and dates and workings — malks will be awarded! (22) DATE EXCHANGE RATE 15 March 21320 $1 =15 I3 July 2025 $1 = 15.2 31 December 21120 $1 = 15,1 15 January 2021 $1 = 14.9 1August 2525 $1 = 15,5