On June 1, 2024, Crane Company purchases equipment on account from Moleski Manufacturers for $63,600....
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Accounting
On June 1, 2024, Crane Company purchases equipment on account from Moleski Manufacturers for $63,600. Crane is unable to pay its account on July 1, 2024, so Moleski agrees to accept a three-month, 4% note payable from Crane. Interest is payable the first of each month, starting August 1, 2024. Crane has an August 31 fiscal year end and adjusts its accounts on an annual basis.
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