Prepare the journal entries necessary to record the transactions above using appropriate data.

Question 3 View Policies Current Attempt in Progress Described below are certain transactions of Lamar Company for 2018: 1. On May 10, the company purchased goods from Fox Company for $78,100, terms 2/10, 1/30. 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 $85.200 from Rao Company, paying $31,200 in cash and giving a one year, 9% note for the balance. 3. On September 30, the company discounted at 11Xits $220.000, one year zero-interest bearing note at Virginia State Bank, receiving $198.000