12 points On June 30, 2021, the Esquire Company sold some merchandise to a customer for $34,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2022. The 6% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 Interest accrual, and the March 31, 2022 collection. (Do not round intermediate calculations.) 2. If the December 31 adjusting entry for the Interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2021 and 2022? eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 References Mc Graw Hill Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the March 31, 2022 collection. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No 1 Date June 30, 2021 General Journal Notes receivable Sales revenue 2 December 31, 2021 Interest receivable Interest revenue 3 March 31, 2022 Cash Interest revenue Interest receivable Notes receivable Debit Credit 34,000 34,000 4,080 4,080 31,800 510 4,080 29,410 < Prev 12 of 15 Next >