Recording Purchases Compass Inc. purchased 1,000 bags of insulation, on account, from Glassco, Inc. The bags of insulation cost $4.25 each. Compass paid Turner Trucking $270 to have all 1,000 bags of insulation shipped to its warehouse. Compass returned 50 bags that were defective and paid for the remainder. Assume that Compass uses the perpetual inventory system and that Glassco did not offer a purchase discount. Required: 1. Prepare a journal entry to record the purchase of the bags of insulation. If an amount box does not require an entry, leave it blank. 2. Prepare the entry to record the payment for shipping. If an amount box does not require an entry, leave it blank. 3. Prepare the entry for the return of the defective bags. If an amount box does not require an entry, leave it blank. Round to the nearest cent. 3. Prepare the entry for the return of the defective bags. If an amount box does not require an entry, leave it blank. Round to the nearest cent. 4. Prepare the entry to record the payment for the bags kept by Compass. If an amount box does not require an entry, leave it blank. Round to the nearest cent. 5. What is the total cost of this purchase? Round to the nearest cent. $
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