On April 2, Kent State sold $40,000 of products on credit with the terms 1/10, net 30. Payment on $24,000 sales was received on April 8 and the remaining payment on $16,000 sales was received on April 25. Assuming Kent Stato uses the net method of accounting for sales discounts, the entry recorded on April 25 would include a O A. debit to Cash and credit to Accounts Receivable for $15,840. OB. debit to Accounts Receivable and credit to Sales Revenue for $40,000 oc debit to Cash for $15,840 and credit to Sales Discounts Forfeited for $160. OD. debit to Cash and credit to Sales Discounts Forfeited for $400. QUESTION 15 During 2021, its first year of operations, Boulder Inc recorded sales of $88,000 and experienced returns of $6,000. Cost of goods sold totaled $52,800 (60% of sales). The company estimates that 8% of all sales will be returned. The year-end adjusting journal entry to account for anticipated sales returns would include a: O A Credit to sales returns of $1,040. B. Credit to allowance for sales retums of $1,040 O Debit to sales returns of $1,680, D. Debit to cost of goods sold of S1,680