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|Light Co. holds Dark Inc.'s $30,000, 120 day, 10% note. The entry made by Light Co. when the note is collected, assuming no interest has previously beeen accrued is: a. Accounts Receivable... Notes Receivable 31,000 30,000 1,000 Interest Revenue b. Cash 31,000 30,000 1,000 Notes Receivable Interest Revenue Accounts Receivable.. 31,000 C. Notes Revenue 30,000 1,000 Interest Revenue d. Cash 30,000 Notes Receivable 30,000 The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Bolton? a. 7 times b. 10 times c. 16.7 times d. 12.5 times The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? . a. 52.1 b. 29.2 c. 21.9 d. 36.5