The following information relevant to accounts receivable is presented for Dharma Initiative (in thousands of dollars). Calculate the accounts receivable turnover ratio, and the day sales outstanding ratio for the years 2019 and 2020.

Do not enter dollar signs or commas in the input boxes. For accounts receivable turnover, round to one decimal place. For day sales outstanding, round to the nearest whole number.

	2020	2019	2018
Accounts Receivable	$336	$548	$318
Allowance for Doubtful Accounts	$23	$16	$21
Net Credit Sales	$2,952	$3,596	$3,443
Accounts Receivable Turnover (in number of times)			x
Day Sales Outstanding (in days)			x

On January 2, 2021, Dharma Initiative agreed to sell $226,000 of its accounts receivable with a 4% fee paid to the factor. Prepare the journal entry to record the factoring of accounts receivable.

Do not enter dollar signs or commas in the input boxes. Enter the debit accounts in alphabetical order.

Date	Account Title and Explanation	Debit	Credit
Jan 2	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAllowance for Doubtful AccountsBad Debt ExpenseCashFactoring ExpenseNotes PayableNotes ReceivablePrepaid InsurancePrepaid Rent		x
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAllowance for Doubtful AccountsBad Debt ExpenseCashFactoring ExpenseNotes PayableNotes ReceivablePrepaid InsurancePrepaid Rent		x
	AnswerAccounts PayableAccounts ReceivableAccumulated DepreciationAllowance for Doubtful AccountsBad Debt ExpenseCashFactoring ExpenseNotes PayableNotes ReceivablePrepaid InsurancePrepaid Rent	x
	To record sale of accounts receivable	x	x