• 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to C decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date 2021 June 1 V July 1 Aug. 1 V Account Titles and Explanation (Purchased equipment on account.) (Signed a note in exchange for a past-due accounts payable.) (Paid interest expense.) Debit Credit