The following are selected 2012 transactions of Darby Corporation. Sept. 1 Purchased inventory from Orion Company on account for $54,050.

The following are selected 2012 transactions of Darby Corporation. Sept. 1Purchased inventory from Orion Company on account for $54,050. Darby records purchases gross and uses a periodic inventory system. Oct. 1Issued a $54,050, 12-month, 8% note to Orion in payment of account. Oct. 1Borrowed $82,770 from the Shore Bank by signing a 12-month, zero-interest-bearing $89,010 note.(a)Prepare journal entries for the selected transactions abov