Exercise 6-56 Recording Purchases Compass Inc. purchased 1,250 bags of Insulation from Glassco Corporation on account. The bags of insulation cost $5.50 each. Compass paid Tremblay 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 periodic Inventory system. 2. Prepare the journal entry to record the purchase of the bags of insulation Purchases Accounts Payable (Purchased inventory on account) Feedback T Check My Work Partially correct 2. Prepare the entry to record the payment for shipping. Transportation-In Cash (Paid cash for shipping fees) Feedback 3. Prepare the entry for the return of the defective bags. Accounts Payable Purchase Returns and Allowances (Returned merchandise) Feedback Check My Work Partially correct 4. Prepare the entry to record the payment for the bags kept by Compass. Accounts Payable Cash (Paid for bags purchased on account) Feedback Y Check My Work Partially correct 5. What is the total cost of this purchase