Credit Card Sales Historically, 60 percent of the customer bills at the Andrews' Supper Club have been paid with cash or check. and 40 percent have been paid using either the Great American Bank Card or the United Merchants Card. Andrews pays a five percent fee with both cards. Great American Bank deposits cash in Andrews' checking account when the credit card sales slips are deposited. United Merchants makes an electronic funds transfer three days after the sales slips are mailed. Preparejournal entries to record the following: Round to the nearest dollar. a. Sales for Sepoember 10 were as follows: Cash and checks $11340 Great American Bank Card (Deposited at the end ofthe day] 500 United Merchants Card [Mailed at the end of the day} 300 $2,140 b. On September 13, Andrews received an electronic funds transfer from United Mercha ms for the September 10 sales E Credit Card Fee Expense E] E E To recurd cash and credit card sales. To recurd receipt of check frem United Merchams. FIEEISE angwer all paris uf the questiun. CLICK HERE TO REVIEW LEARNING OBJECI'IVES QUESI'ION 3 Incomplete answer Points out of12.00 '? Flag question RecognizingAccounts Receivable On August 9, Gunner Co. sells $450 of merchandise to Taylor Co. on account. Taylor Co. pays for this merchandise on September 'I. a. Prepare the entry on Gunner's books to record the sale. b. Prepare the entry on Gunner's books to record the receipt of payment. a. Generlljuurnnl Dlte Dela-iptiun Debit Credit Aug.9 0 0 0 0 To record sales of merchandise. b. General loumll Date Description Debit Credit Sept.'| 0 0 3 0 0 To record receipt of cash from customer. Please answer all parts oithe question. QUESTION 7 Incomplete answer Poinls out ofSJJD ? Hag question Accounts Receivable Turnover and Average Collection Period The Andrew Miller Corporation disclosed the following financial information {in millions} in its recent annual report: 2015 2016 Net Sales $971096 5111.662 Beginning Accounts Receivable (net) 6.450 6.845 Ending Accounts Receivable (net) 6.845 6.598 a. Calculate the accounts receivable turnover ratio for both years. (Round your answerto two decimal points.) b. Calculate the average collection period for both years. {Use 365 clays for calculation. Round to the nearest whole number.) c. Is the company's accounts receivable management improving or deteriorating? 2915 2016 a. Account: receivable turnover 0 G b. Average collection period 0 clays El clays c. The company's receivable management Please answer all parts of the