Question 7 2 pts HappyHeels Traders sells designer footwear for ladies. These shoes are imported from Milan. As most of its inventory requires importation, it is important that HappyHeels Traders is protected against currency risk On 1 August 2020. HappyHeels Traders placed an order for the purchase of 1000 pairs of shoes, at 300 per pair The order was not considered a firm commitment. On the same date, the entity entered into a five-month forward exchange contract with the bank, to cover any losses that may occur due to fluctuations in currency value. The seller shipped the stock free on board (F08) on 31 October 2020. Both parties (the buyer and seller) agreed that the goods would be paid for on 31 December 2020, A total of 100 pairs of these imported shoes were sold by Happy Heels Traders for cash on 5 November 2020, at a mark-up of 25% on cost price A perpetual Inventory system is in use. The entity has a 30 November reporting date The following exchange rates apply 1 August 2020 31 October 2020 30 November 2020 31 December 2020 Spot rate 1 = 16.00 1 =15.50 1 = 16.40 1 = R15 35 Forward rate 1 =16 20 1 = 15 60 1 = R16 60 ROUND ALL FIGURES TO TWO DECIMAL PLACES, TYPE YOUR DECIMAL BY MEANS OF A COMMA: 123.45 Select the correct general Journal entry to be posted on 31 October 2020: Question 7 2 pts HappyHeels Traders sells designer footwear for ladies. These shoes are imported from Milan. As most of its inventory requires importation, it is important that HappyHeels Traders is protected against currency risk On 1 August 2020. HappyHeels Traders placed an order for the purchase of 1000 pairs of shoes, at 300 per pair The order was not considered a firm commitment. On the same date, the entity entered into a five-month forward exchange contract with the bank, to cover any losses that may occur due to fluctuations in currency value. The seller shipped the stock free on board (F08) on 31 October 2020. Both parties (the buyer and seller) agreed that the goods would be paid for on 31 December 2020, A total of 100 pairs of these imported shoes were sold by Happy Heels Traders for cash on 5 November 2020, at a mark-up of 25% on cost price A perpetual Inventory system is in use. The entity has a 30 November reporting date The following exchange rates apply 1 August 2020 31 October 2020 30 November 2020 31 December 2020 Spot rate 1 = 16.00 1 =15.50 1 = 16.40 1 = R15 35 Forward rate 1 =16 20 1 = 15 60 1 = R16 60 ROUND ALL FIGURES TO TWO DECIMAL PLACES, TYPE YOUR DECIMAL BY MEANS OF A COMMA: 123.45 Select the correct general Journal entry to be posted on 31 October 2020