Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,400. 2. Net sales (all on account) for the year were $104,000. Concord does not offer...

Presented below is information for Concord Company.

1.		Beginning-of-the-year Accounts Receivable balance was $16,400.
2.		Net sales (all on account) for the year were $104,000. Concord does not offer cash discounts.
3.		Collections on accounts receivable during the year were $86,400.

Concord is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,173.

I finished the first part which

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	Credit
cash	10502
Due from factor	708
Loss on Sale	1763
A/R		11800
Recourse Liability		1173

Part Two " Answer this Part"

Compute Concord’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			times
Days to collect accounts receivable			days

Jun 10, 2022

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Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,400. 2. Net sales (all on account) for the year were $104,000. Concord does not offer...

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