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Exercise 7-21 Presented below is information for Pina Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,900. Net sales (all on account) for the year were
Exercise 7-21 Presented below is information for Pina Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,900. Net sales (all on account) for the year were $105,300. Pina does not offer cash discounts. .Collections on accounts receivable during the year were $82,200 Pina is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,300 wll be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,012. 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually Accouet Tides and Explanatien Debit Credit Compute Pina'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 recelvable Click if you would like to Show Work for this question: times days pen Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor
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