Cash 3,451 C. Note receivable is a liability account. D. Note receivable has a normal credit balance. Q21 In 2017, Lebron James Company had net credit sales of s923,795 for the year. It had a beginning accounts receivable (net) balance of $38,275 and an ending accounts receivable (net) balance of $35,988. Compute Lebron James Company's accounts receivable turnover and average collection period in days. Which of the following statement is false? A. Accounts receivable turnover is 24.9 times B. Average collection period in days is 14.7 days. C. The higher the accounts receivable turnover, the less liquid the accounts receivable. D. The longer (higher value) of the average collection period, the less liquid the accounts receivable. Q22 Michael, owner of Linen Michael Fabrics, asks you to explain how she should treat the following reconciling items when reconciling the company's bank account: (1) a debit memorandum for an NSF check, (2) a credit memorandum for an electronic funds transfer a denasit in transit