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Prepare the journal entry to record this purchase

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Question

Select Apparel purchased 90 new shirts and recorded a total cost of $2,766 determined as follows:

Invoice cost$2,280 Shipping charges 194 Import taxes and duties 155 Interest (6.0%) on $2,280 borrowed to finance the purchase 137 $2,766

Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM132359674

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