Recent financial statements of General Mills, Inc. report net sales of $$12,813,763,000.$ Accounts receivable are $$913,500,000$ at the beginning of the year and $$962,600,000$ at the end of the year.

$($a$1)$

Your answer is incorrect.

Compute General Mills' accounts recelvable turnover. $($Round answer to $2$ decimal places, es$.15\mathrm{.}25.)$

Accounts recelvable turnover

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$($a$2)$

The parts of this question must be completed in order. This part will be available when you complete the part above.

Sheridan Inc. factors receivables with a carrying amount of $$240,500$ to Joffrey Company for $$161,800$ on a with recourse basis.

The recourse provision has a fair value of $$1,980.$ This transaction should be recorded as a sale.

Prepare the appropriate journal entry to record this transaction on the books of Sheridan Inc. $($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

Skysong Corporation factors $$271,500$ of accounts recelvable with Kathleen Battle Financing. Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August $15,2025.$ Kathleen Battle Financing assesses a finance charge of $2\%$ of the amount of accounts receivable and also reserves an amount equal to $4\%$ of accounts recelvable to cover probable adjustments.

$($b$)$ Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August $15,2025,$ for Skysong to record the sale of receivables, assuming the recourse obligation has a fair value of $$3,170.($ff 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.$)$

Date

Account Titles and Explanation

Debit

Sheridan incorporated factored $$160,400$ of accounts receivable with Engram Factors inc. on a with recourse basis. Engram assesses a $2\%$ finance charge of the amount of accounts receivable and retains an amount equal to $5\%$ of accounts recelvable for possible adjustments.

Prepare the journal entry for Sheridan to record the sale, assuming that the recourse liability has a fair value of $$7,260.$ If no entry is required, select $"$No Entry" for the account titiles 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

Account Titles and Explanation

Debit

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