On June 30, 2018, the Esquire Company sold some merchandise to a customer for $40,000. In payment, Esquire agreed to accept a 5% note requiring the payment of interest and principal on March 31, 2019. The 5% 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, 2018 interest accrual, and the March 31, 2019 collection 2. If the December 31 adjusting entry for the interest accrual is not prepared by how much will income before income taxes be over-o understated in 2018 and 20192 Complete this question by entering your answers in the tabs below. 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), the December 31, 2018 Interest accrual, and the March 31, 2019 collection Or no entry is required for a transaction/event, delect "No journal entry required in the first account field) a View transaction list Journal entry worksheet Record the sale of merchandise Note Interests before credits Debit Date June 30, 2018 Credit General Journal Not receivable Sales revenue GE HI