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E8.14 KCo had accounts receivable of $100,000 on Jan01, 2017. The only transactions that affected accounts receivable during the year were: net credit sales of

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E8.14 KCo had accounts receivable of $100,000 on Jan01, 2017. The only transactions that affected accounts receivable during the year were: net credit sales of $1,000,000, cash collections of $920,000 and accounts written off of $30,000. (a) Compute the ending balance of accounts receivable, (b) Compute the accounts receivable turnover for 2017 (c) Compute the average collection period in days. 100,000 (a) Beginning accounts receivable Net credit sales ( + or - )? Cash collections (+ or - )? Accounts written off (+ or - )? Ending accounts receivable (b) show your calculation and answer below (c) show your calculation and answer below

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