On June $30,2024,$ the Esquire Company sold merchandise to a customer and accepted a noninterest$-$bearing note in exchange. The note requires payment of $$50,000$ on March $31,2025.$ The fair value of the merchandise exchanged is $$47,750.$ Esquire views the financing component of this contract as significant.

Required:

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 $31,2024$ interest accrual, and the March $31,2025$ collection.

Complete this question by entering your answers in the tabs below.

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 $31,2024$ 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.

Show less $A$

View transaction list

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[,1,$June $30,2024,$Notes receivable,$50,000],[,,$Sales revenue,,$50,000],[,,,,]]$