Select Apparel purchased 90 new shirts and recorded a total cost of $2,807 determined as follows: Invoice cost $ 2,320 Shipping charges 188 Import taxes and duties 160 Interest (6.0%) on $2,320 borrowed from the bank to finance the purchase 139 $ 2,807 Journal entry worksheet(Record the cost of the purchase, assuming a perpetual inventory system)Transaction A. General journal (No journal entry required, accounts payable, accounts receivable, cash, cost of goods sold, inventory, other operating expenses, sales discount, sales revenue)Debit: Credit:

Select Apparel purchased 90 new shirts and recorded a total cost of $2,807 determined as follows: Invoice cost $ 2,320 Shipping charges 188 Import taxes and duties 160 Interest (6.0%) on $2,320 borrowed from the bank to finance the purchase 139 $ 2,807 Journal entry worksheet(Record the cost of the purchase, assuming a perpetual inventory system)Transaction A. General journal (No journal entry required, accounts payable, accounts receivable, cash, cost of goods sold, inventory, other operating expenses, sales discount, sales revenue)Debit: Credit:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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Invoice cost	$ 2,320
Shipping charges	188
Import taxes and duties	160
Interest (6.0%) on $2,320 borrowed from the bank to finance the purchase	139
	$ 2,807

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