Presented below is information for Teal Company.

1.		Beginning-of-the-year Accounts Receivable balance was $16,500.
2.		Net sales (all on account) for the year were $103,300. Teal does not offer cash discounts.
3.		Collections on accounts receivable during the year were $87,200.

(a)

Correct answer iconYour answer is correct.

Prepare (summary) journal entries to record the items noted above. (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.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Attempts: 1 of 3 used

(b)

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Compute Teals 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, e.g. 4.57.)

Accounts receivable turnover		enter Accounts receivable turnover in times	times
Days to collect accounts receivable		enter Days to collect accounts receivable	days