Requirement 1, Journal Entries

1) June 30, 2018; Record the sale of merchandise.

2) December 31, 2018; Record the interest accrual on December 31.

3) March 31, 2018; Record the interest accrual on March 31.

4) March 31, 2018; Record the cash collection.

Requirement 2:

Check my work 7 On June 30, 2018, the Esquire Company sold some merchandise to a customer for $48,000 and agreed to accept as payment a noninterest-bearing note with an 9% discount rate requiring the payment of $48,000 on March 31, 2019, The 9% rate is appropriate in this situation. Esquire views the financing component of this contract as significant 12.6 points 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. eBook2. What is the effective interest rate on the note? Print Complete this question by entering your answers in the tabs below References Required 1 Reqired 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) HW7 6 Help Save & Exit Submit Saved Check my work 7 On June 30, 2018, the Esquire Company sold some merchandise to a customer for $48,000 and agreed to accept as payment a noninterest-bearing note with an 9% discount rate requiring the payment of $48,000 on March 31, 201 The g rates appropriate in this situation. Esquire views the financing component of this contract as significant 12.6 points 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. What is the effective interest rate on the note? eBook Print References 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.) Effective interest rate Required 1 Required 2