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Record all transactions related to the note

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Question - On June 1, 2021, Sandhill Company purchases equipment on account from Moleski Manufacturers for $60,000. Sandhill is unable to pay its account on July 1, 2021, so Moleski agrees to accept a three-month, 10% note payable from Sandhill. 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 Sandhill Company.

Reference no: EM133108322

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