Prepare Journal Entries for the Following Transactions for Grant Company $\text {May 1}$

Essay

Prepare journal entries for the following transactions for Grant Company:
$\text {May 1}$ $\quad$$\text {Purchased equipment from Krox, Inc. for \(\$ 2,060\) giving a 2-month \(6 \%\) note}$
$\text {July I}$ $\quad$ $\text {Paid amount due on rote}$