On June 30, 2024, 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 31,2025 . 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 good 50 id). the December 31,2024 interest accrual, and the March 31, 2025 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- or understated in 2024 and 2025 ? Complete this question by entering your answers in the tabs below. Prepare foumal entries to record the sale of merchandise (omit any entry that might be reauired for the cost of the goods sold), the December 31, 2024 interest accrual, and the March 31, 2025 coliection. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediote colculations. 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, 2024 interest accrual, and the March 31,2025 collection. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations, Journal entry worksheet 3 Prepare journal entries to record the sale of merchandise (omit any entry that might be requlred for the cast of the goods sold), the Decomber 31, 2024 interest accrual, and the March 31,2025 collection. Note: if ho enfry is required for a transaction/event, select "No fournal entry required" in the first account field. Do not round intermpdate calculations: Journal entry worksheet Record the interest accrual. Note: tiver detes befere onds. 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 31,2024 interest accrual, and the March 31,2025 collection. Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first sccount fleld. Do not round intermediate calculations. Journal entry worksheet On June 30, 2024, 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 principai on March 31, 2025. The 5% rate is appropriate in this situation. Required: 1. Prepore journat entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold). the December 31, 2024 interest accrual, and the March 31, 2025 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-or understated in 2024 and 2025 ? Complete this question by entering your answers in the tabs below. 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 2024 and 2025 ? Note: Do not round intermediate calculations
