Described below are certain transactions of Carson Company for 2011:

-On May 10, the company purchased goods from Jay Company for $50,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.

-On June 1, the company purchased equipment for $60,000 from Nolan Company, paying $20,000 and giving a one-year, 9% note for the balance.

-On September 30, the company discounted at 10% its 120,000, one-year zero-interest-bearing note at First State Bank.

Prepare journal entries necessary with narratives to record the transactions above using appropriate dates.