Presented below is information for Skysong Company.

Beginning$-$of$-$the$-$year Accounts Receivable balance was $$23,600.$

Net sales $($all on account$)$ for the year were $$103,100.$ Skysong does not offer cash discounts.

Collections on accounts receivable during the year were $$90,300.$

Skysong is planning to factor some accounts receivable at the end of the year. Accounts totaling $$14\mathrm{.}100$ will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain $7\%$ of the balances for probable adjustments and assesses a finance charge of $6\%.$ The fair value of the recourse obligation is $$1,021.$

$($a$)$

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 $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Compute Skysong's accounts receivable turnover for the year, assuming the receivables are sold. $($Round answers to $2$ decimal places, e$.$g$.4\mathrm{.}57.$ Use $365$ days for calculation.$)$

Accounts receivable turnover times

Days to collect accounts receivable days