On June 1, 2024, Carla Vista Company purchases equipment on account from Moleski Manufacturers for $58,800. Carla Vista is unable to pay its account on July 1, 2024, so Moleski agrees to accept a three-month, 8% note payable from Carla Vista. Interest is payable the first of each month, starting August 1, 2024. Carla Vista has an August 31 fiscal year end and adjusts its accounts on an annual basis