Real World Financials ABC Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 9/30/2017 6/30/2017 3/31/2017 (01) (04) (03) $15,761 Balance sheets: Accounts receivable, net Income statements: Sales revenue $19,810 $23,330 $12,900 $22,120 $24,550 Required: Compute the receivables turnover ratio and the average collection period for Q1 and 24. Assume that each quarter consists 91 days. (Round average accounts receivable answers to nearest whole dollar. Enter your answers in millions. Round "Turnover ratio" answers to 3 decimal places.) Receivables Turnover Ratio 1 Choose Denominator: Choose Numerator: = Receivables Turnover Ratio = Receivables turnover ratio times 01 times Average collection period Loucks Company established a $380 petty cash fund on October 2, 2021. The fund is replenished at the end of each month. At the end of October 2021, the fund contained $99 in cash and the following receipts: $112 94 Office supplies Advertising Postage Miscellaneous Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 12 Record the transaction to establish the petty cash fund. Note: Enter debits before credits Loucks Company established a $380 petty cash fund on October 2, 2021. The fund is replenished at the end of each month. At the end of October 2021, the fund contained $99 in cash and the following receipts: $112 94 Office supplies Advertising Postage Miscellaneous Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet