Chapter 7 Homework A Saved Help Save & Exit Submit Check my work On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $32,000 on March 31, 2022. The fair value of the merchandise exchanged is $29,600. Esquire views the financing component of this contract as significant. 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), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note? eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and the March 31, 2022 collection. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the sale of merchandise. Note: Enter debits before credits. General Journal Debit Credit Date June 30, 2021 Chapter 7 Homework i Saved Help Save & Exit Submit Check my work On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $32,000 on March 31, 2022. The fair value of the merchandise exchanged is $29,600. Esquire views the financing component of this contract as significant. 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), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note? eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References 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