The financial statements for Manning manufacturing company report net credit sales of $1,000,000, beginning net accounts receivable of $75,000, and ending net accounts receivable of $55,000. What is the average collection period for accounts receivable in days? The following information is available for OJ Simpson's Glove Company at December 31, 2008: beginning inventory $90,000; ending inventory $110,000; cost of goods sold $850,000; and sales $1,200,000. Simpson's inventory turnover in 2008 is Arkansas Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred. Jan. 15 Made Arkansas credit card sales totaling $15,000. (There were no balances prior to January 15.) The cost of goods sold is 70% of sales. Jan. 20 Made Visa credit card sales (service charge fee 3\%) totaling $8,500. The cost of goods sold is 70% of sales. Feb. 10 Collected $8,000 on Arkansas credit card sales. Feb. 15 Added finance charges of 1% to Arkansas credit card balance. Instructions: Journalize the transactions for Arkansas Stores