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Explanation:
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On June 30, 2018, the Esquire Company sold some merchandise to a customer for $47,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $47,000 on March 31, 2019. The 8% rate is appropriate in this situation. Esquire views the financing component of this contract as significant.
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.) View transaction list EX 1 Record the sale of merchandise. 2 Record the interest accrual on December 31. 3 Record the interest accrual on March 31. 4 Record the cash collection Journal entry worksheet 4 Record the sale of merchandise. Note: Enter debits before credits. Date Debit Credit General Journal June 30, 2018 Record entry Clear entry View general journal Journal entry worksheet 4 Record the interest accrual on March 31. Note: Enter debits before credits Date General Journal Debit Credit March 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 4 Record the cash collection Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2019 Record entry Clear entry View general journal 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
