Prepare the journal entries for the following transactions:

a. Sold $150,000 of goods to Farley Co. on account.

b. Collected $50,000 from Farley Co.

c. Accepted a $100,000, one-year, 10% note from Farley Co. for the amount remaining on the account.

d. After 60 days, discounted the note from Farley Co. at First National Bank at a 12% interest rate.

Prepare the journal entries for each transaction.