Check my work 4 Exercise 7-19 (Algo) Noninterest-bearing note receivable (L07-7) On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $48,000 on March 31, 2022. The fair value of the merchandise exchanged is 544,760. Esquire views the financing component of this contract as significant 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), any December 31, 2021 interest accrual, and the March 31, 2022 collection 2. What is the effective interest rate on the note? Spord Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise (amit any entry that might be required for the cost of the goods sold), any 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 feld. Do not round intermediate calculations.) Required 1 Required 2 Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any 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. Do not round intermediate calculations.) View transaction list 38:11 ed Journal entry worksheet 1 2 ak Record the sale of merchandise. + ces Note: Enter debits before credits Dato General Journal Debit Credit June 30, 2021 Record entry Clear entry View general Journal Chech Required 1 Required 2 Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any 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. Do not round intermediate calculations.) View transaction fist Journal entry worksheet 2 3 Record the interest accrual on December 31 25 Note: Enter debits before credits General Journal Dobit Credit Dato December 31, 2021 Record entry Clear entry View general Journal Required 1 Required 2 Prepare journal entries to record the sale of merchandise comit any entry that might be required for the cost of the goods sold), any 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. Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 4 Record the interest accrual on March 31. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2022 Record entry Clear entry View general Journal Required 1 Required 2 Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and the March 31, 2022 collection. (Ir no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 Record the cash collection. Note: Enter debits before credits Dato General Journal Dobit Credit March 31, 2022 Record entry Clear entry View general Journal Exercise 7-19 (Algo) Noninterest-bearing note receivable (L07-7] 29 On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $48,000 on March 31, 2022. The fair value of the merchandise exchanged is $44760. Esquire views the financing component of this contract as significant 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), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the effective interest rate on the note? (Round your intermediate calculations and the final percentage answer to 3 decimal places.) Elective Interest rate %
