Presented below is information for Martinez Company. 1. 2. Beginning-of-the-year Accounts Receivable balance was $ 25,100. Net sales (all on account) for the year were $ 108,800. Martinez does not offer cash discounts Collections on accounts receivable during the year were $ 88,600. 3. Martinez is planning to factor some accounts receivable at the end of the year. Accounts totaling $ 11,800 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 $ 1,097. (a) Your Answer Correct Answer Your answer is correct Prepare the journal entry to record the sale of the receivables. Of 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 cash 10738 Due from Factor son (b) X Your answer is incorrect. Compute Martinez's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, eg. 4.57.) Accounts receivable turnover 2 10 times Days to collect accounts receivable 118.12 days e Textbook and Media List of Accounts Save for later Attempts: 2 of 5 used Submit Answe