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Record all transactions related to note for Sunland Company

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Question - On June 1, 2021, Sunland Company purchases equipment on account from Moleski Manufacturers for $57,600. Sunland is unable to pay its account on July 1, 2021, so Moleski agrees to accept a three-month, 6% note payable from Sunland. Interest is payable the first of each month, starting August 1, 2021. Moleski has an August 31 fiscal year end and adjusts its accounts on an annual basis. Record all transactions related to the note for Sunland Company.

Reference no: EM133116202

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