Create the journal entry to record the purchase

Assignment Help Accounting Basics

Reference no: EM131975314

Problem

Select Apparel purchased 90 new shirts and recorded a total cost of $2,741 determined as follows:

Invoice cost $ 2,250
Shipping charges 190
Import taxes and duties 166
Interest (6.0%) on $2,250 borrowed to finance the purchase 135
$ 2,741

Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system.

Record the correct total cost of the purchase, assuming a perpetual inventory system.

Reference no: EM131975314

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