Exercise 7-20 Presented below is information for Monty Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,800. 2. Net sales (all on account) for the year were $109,900. Monty does not offer cash discounts. . Collections on accounts receivable during the year were $88,900 Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. LINK TO TEXT Compute Monty's accounts receivable turnover and days to collect receivables for the year. The company does not believe it wil have any bad debts. (Round answers to 2 decimal places, e.g. 4.57.) Accounts receivable turnover Days to collect accounts receivable Use the results to analyze Monty's liquidity. The turnover ratio last year was 5.6. times days This is a trend in liquidity