Current Attempt in Progress Information follows for Wildhorse Co.: 1. The beginning-of-the-year Accounts Receivable balance was $27,500. 2. Net sales for the year were $465,000. (Credit sales were $225,000 of the total sales.) Wildhorse does not offer cash discounts. 3. Collections on accounts receivable during the year were $180,000. Your Answer Correct Answer (Used) Prepare summary journal entries to record the items noted above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Accounts Receivable Cash Sales Revenue (To record sales revenue) Cash Accounts Receivable (To record collections on account) 225,000 240,000 180,000 465,000 180,000 Calculate Wildhorse's accounts receivable turnover ratio for the year. How old is the average receivable? (Round accounts receivable turnover ratio answer to 2 decimal places, eg. 15.25 and average collection period to O decimal places, eg. 252. Use 365 days for calculation.) Accounts receivable turnover ratio Average collection period. times. days