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Current Attempt in Progress Sarasota Incorporated factored $135,100 of accounts receivable with Ivanhoe Factors Inc. on a without-recourse basis. Ivanhoe assesses a 3% finance charge
Current Attempt in Progress Sarasota Incorporated factored $135,100 of accounts receivable with Ivanhoe Factors Inc. on a without-recourse basis. Ivanhoe assesses a 3% finance charge of the amount of accounts receivable and retains an amount equal to 7% of accounts receivable for possible adjustments. Prepare the journal entry for Sarasota Incorporated and Ivanhoe Factors to record the factoring of the accounts receivable to Ivanhoe. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation Sarasota 1. Ivanhoe 2. Current Attempt in Progress Recent financial statements of General Mills, Inc. report net sales of $12,458,277,000. Accounts receivable are $930,483,000 at the beginning of the year and $956,963,000 at the end of the year. (a1) Compute General lills' accounts rece turnover. (Round answer to 2 decimal places, e.g. 15.25.) Accounts receivable turnover times e Textbook and Media
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