On June 1, 2024, Pharoah Company purchases equipment on account from Moleski Manufacturers for $55,200. Pharoah is unable to pay its account on July 1, 2024, so Moleski agrees to accept a three-month, 5% note payable from Pharoah. Interest is payable the first of each month, starting August 1, 2024. Pharoah has an August 31 fiscal year end and adjusts its accounts on an annual basis. Record all transactions related to the note for Pharoah 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. List all debit entries before credit entries. Round answers to O decimal places, eg. 5,275. Record journal entries in the order presented in the problem.)