M7-2 (Algo) Recording the Cost of Purchases for a Merchandiser L071 Select Apparel purchased 90 new shirts and recorded a total cost of $2,674 determined as follows: Invoice cost Shipping charges Import taxes and duties Interest (6.01) on $2,180 borrowed from the bank to finance the purchase $2,180 131 Required: Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. Of no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction list Journal entry worksheet Record the cost of the purchase, assuming a perpetual Inventory system. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal