On June 1, 2024, Novack Company purchases equipment on account from Moleski Manufacturers for $50,000. Novack is unable to pay its account on July 1, 2024, so Moleski agrees to accept a three-month, 7% note payable from Novack. Interest is payable the first of each month, starting August 1, 2024. Novack has an August 31 fiscal year end and adjusts its accounts on an annual basis. 

Instructions 

Record all transactions related to the note for Novack Company.