A source document such as an invoice ________.

• A. is a demand for immediate payment
• B. is the purchaser's request for payment from the seller
• C. is the bill that the purchaser receives from the vendor
• D. must be paid within 10 days from the date of the invoice

On October 1, 2021, ACC 210, Inc. loaned AJ, LLC $9,000 at an annual interest rate of 5% with a maturity date of April 1, 2022. On October 1, 2021, ACC 210, Inc. will record ________.

• A. a debit to Notes Receivable - AJ of $9,000
• B. a debit to Notes Receivable - AJ of $9,450
• C. a credit to Notes Payable - AJ of $9,000
• D. no entry since the note is due on April 1, 2020

ACC 210, Inc. uses the gross method and a perpetual inventory system. On April 2, ACC 210 sold merchandise with a cost of $1,900 for $6,300 to a customer on account with terms of 1/15, n/30. If ACC 210 received the full amount on April 30, which of the following would be included in the journal entry to record the cash receipt?

• A. Debit to Cash for $6,300
• B. Credit to Cash for $6,237
• C. Debit to Sales Discounts for $63
• D. Credit to Sales Discounts for $63

  The following data include all the elements from ACC 210s income statement:

  Administrative Expense	$220
  Cost of Goods Sold	261
  Income Tax Expense	51
  Revenue	878
  Selling Expense	124

  What is the amount of gross profit for ACC 210?

• A.

  $273

• B.

  $397

• C.

  $493

• D.

  $617