1. STROUP Supply Co. has the following transactions related to notes receivable during the last month of 2019.

Dec. 16 Received a $4,000, 6 month, 9% note in exchange for Weinbergs outstanding accounts receivable.

Dec. 31 Accrued interest revenue on all notes receivable.

1. Prepare the two journal entries required for the transactions for Stroup Supply Co.

1.The following information is available for Wenger Company.

Beginning accounts receivable $ 80,000 Ending accounts receivable 120,000 Net sales 1,000,000

Instructions:a) Compute the receivables turnover ratio

b) Compute the average collection period (days outstanding).

1.Discuss what this means in words. (Two sentences)