Assume that on December 1, a note which has a face value of $1,000, bears interest at 6 percent for 90 days, received from a customer as an extension of his of past - due account is honored on due date. The entry that would be made to record the receipt on due date (ignoring interest) is: 
Definitions:
Rate of Compounding
The rate at which an investment grows due to compounding, where interest earns interest over periods.
Discount Rate
The interest rate charged to commercial banks and other financial institutions for loans received from a country's central bank.
Present Value
The present worth of a future sum of money or series of cash flows, based on a given return rate.
Cash Today
Cash Today refers to the availability of funds or capital that can be immediately used or invested, as opposed to future earnings or receivables.
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