Presented below is information for Ivanhoe Company. Beginning-of-the-year Accounts Receivable balance was $23,400. 1. 2. Net sales (all on account) for the year were $105,500. Ivanhoe does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,700. Prepare (summary) journal entries to record the items noted above. (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.) No. Account Titles and Explanation 1. 2. 3. Debit Credit Compute Ivanhoe's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers to 2 decimal places, eg. 4.57) Accounts receivable turnover Days to collect accounts receivable List of Accounts times days Use the turnover ratio computed in (b) to analyze Ivanhoe's liquidity. The turnover ratio last year was 6.0. This is a trend in liquidity. List of Accounts