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6. If a company purchases merchandise on terms of 2/10, n/30, the cash discount available (assuming a 360-day year) is equivalent to an effective annual interest rate of A) 2% B) 24% C) 36% D) 60% . AG Inc. made a $25,000 sale on account with the following terms: 1/15, n/30. If the ompany uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? A) Debit Accounts Receivable for $24,750. B) Debit Acounts Receivable for $24,750 and Sales Discounts for $250. C) Debit Accounts Receivable for $25,000. D) Debit Accounts Receivable for $25,000 and Sales Discounts for $250. 8. During the year, Kiner Company made an entry to write off a $32,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $400,000 and the balance in the allowance account was $36,000. The accounts receivable amount expected to be collected after the write-off entry was A) $400,000. B) $396,000. C) $332,000. D) $364,000. 9. Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account A) increases the allowance for uncollectible accounts. B) has no effect on the allowance for uncollectible accounts. C) has no effect on net income. D) decreases net income. stnent of Rise 5,000 1.700.000 10. On January 1, 2020, West Co. exchanged equipment for an $800,000 zero-interest- bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type at January 1, 2020 was 10%. The present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in West's 2021 income statement? A) SO $60,000 aing that douldal aco Med bad of oss ccoun informatio ae, except B) $66,000 of $5.000 has a C) D) $80,000 ourl cry in par a pere estiraate ba Page 2