cording Purchases

Compass Inc. purchased $1,250$ bags of insulation, on account, from Glassco Inc. The bags of insulation cost $$5\mathrm{.}50$ each. Compass paid Turner Trucking $$320$ to have the 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.

$2.$ Prepare the entry to record the payment for shipping.

$3.$ Prepare the entry for the return of the defective bags.

$4.$ Prepare the entry to record the payment for the bags kept by Compass.

$5.$ What is the total cost of this purchase?