Information follows for Carla Vista Co.: 1. 2. The beginning-of-the-year Accounts Receivable balance was $35,000. Net sales for the year were $550,000. (Credit sales were $265,000 of the total sales.) Carla Vista does not offer cash discounts. Collections on accounts receivable during the year were $135,000. 3. - Your answer is partially correct. Prepare summary journal entries to record the items noted above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 170,000 Sales Returns and Allowances 380,000 Sales Revenue 550,000 (To record sales revenue) Cash 135,000 Accounts Receivable 135,000 (To record collections on account) X Your answer is incorrect. Calculate Carla Vista Co.'s accounts receivable turnover ratio for the year. How old is the average receivable? (Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 15.25 and other answer to 0 decimal places, e.g. 252. Use 365 days for calculation.) Accounts Receivable Turnover ratio 2.27 times Average receivable 161 days