Best Buy factored $350,000 of its accounts receivable with Target on a without-recourse basis. Target assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. The Journal Entry for Best Buy to record the factoring of the accounts receivable to Target would include which of the following? Credit to Cash for $322,000 Credit to Loss on Sale of Receivables for $10,500 Debit to Accounts (Notes) Receivable for $350,000 Debit to Due from Factor for $17,500 6 points Deloitte had accounts receivable of $400,000 at 1/1. The only transactions affecting accounts receivable were sales of $800,000 and cash collections of $600,000. The accounts receivable turnover is: 3.00 times 1.60 times 1.33 times 2.00 times 6 points During the year, ABC, Corp reported net sales of $900,000. The company had accounts receivable of $100,000 at the beginning of the year and $200,000 at the end of the year. Compute ABC, Corp's average collection period (assume 365 days a year) 81.11 days 40.56 days 50.75 days 60.83 days