Problem 153 (Part Level Submission)

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, 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 $87,600 from Rao Company, paying $32,400 in cash and giving a one-year, 9% note for the balance. 3. On September 30, the company discounted at 10% its $200,000, one-year zero-interest-bearing note at Virginia State Bank.

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(a)

Prepare the journal entries necess