ACCT 201 Case Fall 2021 REQUIRED: Page 3 Answer each of the following questions. Be sure to show your calculations where indicated. Question 1: On March 15, JLR Equipment purchased $100,000 of merchandise to resell terms 2/10, 1/30, from Audio Specialists, Inc. Assume that JLR Equipment uses the perpetual inventory system. On March 20, $10,000 of inventory is returned. On March 23, JLR makes payment to Audio Specialists, Inc. Record the entries on March 15, March 20 and March 23 on the books of JLR Equipment. Date Account Debit Credit Question 2: Assume the same information as above in Question 1 and record the entries on March 15 March 20 and March 23 on the books of Audio Specialists, Inc. The inventory sold on March 15 cost $75,000 and the cost of inventory returned on March 20 is $7,500, Date Account Debit Credit