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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

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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 resell, terms 2/10,n/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. 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

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