A corporations sales revenue for the year is $225,000. It sells all of its goods on account. It has an average collection period of 33.1 days. What is its accounts receivable turnover (rounded)?

a) 9.7

b) 11.0

c) 10.9

d) 9.2

e) 11.3

2. A company sells $200,000 of accounts receivable to a factor for cash less a 2% service charge. The entry to record the sale should include

a) a debit to Interest Expense for $4,000.

b) a credit to Sales Revenue for $196,000.

c) a credit to Service Charge Expense for $4,000.

d) a credit to Accounts Receivable for $196,000.

e) a debit to Cash for $196,000.