Question: need help with this one On June 1, 2021, Ivanhoe Company purchases equipment on account from Moleski Manufacturers for $39,600. Ivanhoe is unable to pay

need help with this one

On June 1, 2021, Ivanhoe Company purchases equipment on account from Moleski Manufacturers for $39,600. Ivanhoe is unable to pay its account on July 1, 2021, so Moleski agrees to accept a three-month, 9% note payable from Ivanhoe. 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 Ivanhoe 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 O decimal places, e g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 2021 v (Purchased equipment on account.)

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