LACILISE ? Presented below is information for Jones Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will 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 $1,200. Your answer is partially correct. Try again. 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.) Account Titles and Explanation Debit Credit || No Entry Accounts Receivable 100000 Sales Revenue 100000 Cash 70000 Accounts Receivable 70000 x Your answer is incorrect. Try again. Compute Jones'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 3.33 times Days to collect accounts receivable 110 days Click if you would like to Show Work for this question: Open Show Work