Described below are certain transactions of Lamar Company for 2014:
1. On May 10, the company purchased goods from Fox Company for $75,800, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
2. On June 1, the company purchased equipment for $94,800 from Rao Company, paying $36,000 in cash and giving a one-year, 9% note for the balance.
3. On September 30, the company discounted at 10% its $220,000, one-year zero-interest-bearing note at Virginia State Bank.
(a). Prepare the journal entries necessary to record the transactions above using appropriate dates.