could you solve it and explain every step

eBook Calculator Print item Exercise 6-60 (Algorithmic) Recording Purchases (Appendix 6A) Diveston, Inc., purchased 1,000 bags of insulation, on account, from Warmco, Inc. The bags of insulation cost $4.25 each. Diveston paid Giacamini Transporation $260 to have all 1,000 bags of insulation shipped to its warehouse. Diveston returned 50 bags that were defective and paid for the remaind Assume that Diveston uses the periodic inventory system. Required: 1. Prepare the journal entry to record the purchase of the 1,000 bags of insulation. Purchases Accounts Payable (Purchased inventory on account) 2. Prepare the journal entry to record the payment for shipping. Transportation-In 260 Cash 260 (Paid cash for shipping fees) Feedback Check ty ork 2 From the buyer's perspective In a periodic inventory system, journal entriess are made to temporary accounts (purchases, purchase discounts, purchase retum alowances and Iransportation-in) instead of directly to the inventory account Dravinnr eBook Calculator Print item 3. Prepare the journal entry for the return of the 50 defective bags. Round your answers to two decimal places. AcCounts Payable 212.50 Purchase Returns and Allowances 212.50 (Returned merchandise) Feedback Check My Work 3. From the buyer's perspective: In a periodic inventory system, journal entries are made to temporary accounts (purchases, purchase discounts, purchase returs and allowances, and transportation-in) instead of directly to the inventory account 4. Prepare the journal entry to record the payment for the 950 bags kept by Diveston. Round your answers to two decimal places. Accounts Payable 4.037.50 Cash 4.037.50 (Paid off accounts payable) Feedback 5. What is the total cost of this purchase? Round your answer to two decimal places 4,037.50 X D ENG