Lawrence Company uses the periodic inventory system. Inventory records for 2019 are as follows. January 1 -- Beginning inventory ......... .... 3,000 units February 2-- Purchase .................................2,000 units April 15 --.... Purchase .................................4,000 units August 13 -- Purchase .................................2,000 units November 20 Purchase .................................3,000 units December 31- Ending inventory ............ .......5,000 units Lawrence sells its units for $2 each. Based on the information above, which of the following statements is correct?

		Cost of goods sold for 2019 is $18,000.
		Lawrence sold 5,000 units during 2019.
		Lawrence had 9,000 units remaining at December 31, 2019.
		Lawrence had 14,000 units available to sell during 2019.
		Lawrence sold 14,000 units during 2019.

You are looking at a Company's balance sheet. The "book value" of an asset on the balance sheet is equal to the:

		accounts receivable less allowance for doubtful accounts.
		replacement cost of an asset.
		asset's cost less accumulated depreciation.
		asset's fair value less its historical cost.

DLW,Inc. has a customer, Palmer, Inc. that has an accounts receivable balance of $500,000 and that balance is over 270 days old. DLW tells Palmer that the account receivable will be converted to a note receivable. On September 1, 2019, Palmer writes the promissory note to settle the account receivable balance and DLW records the transaction. The note is due 10 months from September 1, 2019 and bears interest at an annual rate of 6%. The next time DLW prepares its financial statements is December 31, 2019. What journal entry will DLW make at September 1, 2019?

Dr.	Notes Receivable	$500,000
Cr.	Accounts Receivable		$500,000

Dr.	Notes Receivable	$500,000
Cr.	Cash		$500,000

Dr.	Note Receivable	$500,000
Dr.	Interest Receivable	$ 10,000
Cr.	Accounts Receivable		$500,000
Cr.	Interest Revenue		$ 10,000

Dr.	Interest Receivable	$30,000
Cr.	Interest Revenue		$30,000

Dr.	Interest Receivable	$10,000
Cr.	Interest Revenue		$10,000