Exercise 7-21 Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 4%. The fair value of the recourse obligation is $1,200. Your answer is partially correct. Try again. 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.) Account Titles and Explanation Debit No Entry Accounts Receivable cash Sales Revenue Accounts Receivable 100,000 Credit 100,000 70,000 70,000 Your answer is incorrect. Try again. Compute Jones's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, e.g. 4.57.) Accounts receivable turnover Days to collect accounts receivable 3.3 times days Click if you would like to Show Work for this question: Open Show Work