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ACCT 201 Case Fall 2021 Page 3 REQUIRED: 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 sell terme 2/10, 30, from Audio Specialists, Inc. As 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 Elis Cash Equipment 3/2o Trentory AZZ 10.000 90 cm Question 21 Assume the same information as above in Question and record the entries on March 15, March 20 and March 23 on the books of Audio Specialists, Inc. The inventory told on March 15 cost $75,000 and the cost of inventory returned on March 20 is $7,500 Date Account 115 cash Inventory 32 A/R Debit Credit 75,000 175,oo 7. Sco 100