Exercise 7-21 Presented below is information for Grouper Company 1. Beginning-of-the-year Accounts Receivable balance was $16,400 2. Net sales (all on account) for the year were $104,000. Grouper does not offer cash discounts. 3. Collections on accounts receivable during the year were $86,400 Grouper is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,173 Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Acceast Titles and Esplanation Debit Credit Compute Grouper's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, e.g. 4.57) Accounts receivable turnover Days to collect accounts receivable Click if you would like to Show Work for this question: times days Open Show Work