Compute Bonitas accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.)

Presented below is information for Bonita Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,600. Net sales (all on account) for the year were $108,800. Bonita does not offer cash discounts. Collections on accounts receivable during the year were $87,500. (a) Your answer is correct. Prepare (summary) journal entries to record the items noted above. (If no entry is required, se amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. No Entry T No Entry 2. Taccounts Receivable ,800 T Sales Revenue | 108,800 3. Tcash i 87 500 Accounts Receivable 87,500 Accounts receivable turnover T 3.9 times * Days to collect accounts receivable 93.51 days Use the results to analyze Bonita's liquidity. The turnover ratio last year was 7.2. good This is a trend in liquidity