On June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation Required: Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection. (Omit the "$" sign in your response.) Date General Journal Debit 30,000 Credit June 30, 2013 Note receivable 1,800 Sales revenue 28,200 O Dec. 31, 2013 Discount on note receivable 1.200 Interest revenue 1.200 Mar. 31, 2014 Discount on note receivable 600 Interest revenue 600 Cash O 30,000 Note receivable 30,000 2)What is the effective interest rate on the note? (Round your answer to 3 decimal places. Omit the "%" sign in your response.) Effective interest rate 8,511 0 % On June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation Required: Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection. (Omit the "$" sign in your response.) Date General Journal Debit 30,000 Credit June 30, 2013 Note receivable 1,800 Sales revenue 28,200 O Dec. 31, 2013 Discount on note receivable 1.200 Interest revenue 1.200 Mar. 31, 2014 Discount on note receivable 600 Interest revenue 600 Cash O 30,000 Note receivable 30,000 2)What is the effective interest rate on the note? (Round your answer to 3 decimal places. Omit the "%" sign in your response.) Effective interest rate 8,511 0 %