On June 30, 2021, tne Esquire Company sola same merchandise to a customer for $68,000. in...

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On June 30, 2021, tne Esquire Company sola same merchandise to a customer for $68,000. in payment, Esquire agreed to accept a 9% note requiring the payment of interest and principai on March 31, 2022. The 9% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be requlred for the cost of the goods said), the December 31, 2021 interest accrual, and the March 31. 2022 collection. (Do not round intermedlate calculations.) 2. If the December 31 adjusting entry for the interest accrual is not prepared. by how much will income before income taxes be aver-or understated in 2021 and 2022? Complete this question by entering your ansvwers in the tabs below. Required 1 Required 2 If the Derember 31 adjusting entry for the interest acerual is nat preparnd, by how much will income before ineome taxes be aver-or understated in 2021 and 20227 (Do not round intermediate calculationa) 2021 inooma batora income taxes woud te by 2022 nooma batore income taxas woud te by < Required 1 Re On June 30, 2021, tne Esquire Company sola same merchandise to a customer for $68,000. in payment, Esquire agreed to accept a 9% note requiring the payment of interest and principai on March 31, 2022. The 9% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be requlred for the cost of the goods said), the December 31, 2021 interest accrual, and the March 31. 2022 collection. (Do not round intermedlate calculations.) 2. If the December 31 adjusting entry for the interest accrual is not prepared. by how much will income before income taxes be aver-or understated in 2021 and 2022? Complete this question by entering your ansvwers in the tabs below. Required 1 Required 2 If the Derember 31 adjusting entry for the interest acerual is nat preparnd, by how much will income before ineome taxes be aver-or understated in 2021 and 20227 (Do not round intermediate calculationa) 2021 inooma batora income taxes woud te by 2022 nooma batore income taxas woud te by < Required 1 Re

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Date Account Titles and Explanation 1 June 30 2021 Notes Receivable De... View the full answer