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Prepare journal entry to record purchase in correct amount

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Select Apparel purchased 90 new shirts and recorded a total cost of $2,780 determined as follows:

Invoice cost $2,280

Shipping charges $193

Import taxes and duties $170

Interest (6.0%) on $2,280 borrowed from the bank to finance the purchase $137

$2,780

Required:

Problem 1: Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system.

Reference no: EM133008499

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