The following are selected 2020 transactions of Culver Corporation.

Sept. 1		Purchased inventory from Ripken Company on account for $149,000. Culver records purchases gross and uses a periodic inventory system.
Oct. 1		Issued a $149,000, 12-month, 12% note to Ripken in payment of account.
Oct. 1		Borrowed $149,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $167,000 note.

(a)

Prepare journal entries for the selected transactions above.