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On March 1, Song Corp. receives a $100,000, 90-day, noninterest-bearing note receivable from a customer. The note has a 12% discount rate. On March 1, when Song receives the note from the customer, Song will record a

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Zviko

Answer:

Debit : Note Receivable $100,000 and Credit : Cash $100,000.

Explanation:

On March 1 Song Corp would measure the Note Receivable at cost as follows :

Note Receivable $100,000 (debit)

Cash $100,000 (credit)

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