On November 15, 2015, Shields Company purchased inventory costing $3,100 on credit. The credit terms were 3/10, n//30. a. Assume that Shields Company paid the invoice on November 23, 2015. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier using the net-of-discount method. General Journal Date Description Debit Credit 11/15 Answer Inventory Answer 0 Answer 0 Answer Accounts Payable Answer 0 Answer 0 11/23 Answer Accounts Payable Answer 0 Answer 0 Answer Cash Answer 0 Answer 0 b. Set up the necessary T-accounts and post the journal entries from question a. to the accounts. Cash Answer 0 Answer 0 Inventory Answer 0 Answer 0 Accounts Payable Answer 0 Answer 0 c. Compute the cost of a lost discount as an annual percentage rate. Round answer to one decimal place (i.e., 34.6%)