On June 30, 2020, the Malaspina Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 10% discount rate requiring the payment of $30,000 on March 31, 2021. The 10% rate is appropriate in this situation. Question Journal entries for Malaspina for 2020 would include: a credit to Sales Revenue of $27,750 a debit to Discount on Notes Receivable of $2,250 a credit to Sales Revenue of $27,000 a debit to Discount on Notes Receivable of $3,000