$2.$ Net sales $($all on account$)$ for the year were $\backslash (\backslash$$ $104,200\backslash ).$ Skysong does not offer cash discounts.

$3.$ Collections on accounts receivable during the year were $\backslash (\backslash$$ $83,500\backslash ).$

$($a$)$

Correct Answer

Your answer is correct.

Prepare $($summary$)$ journal entries to record the items noted above. $($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. List all debit entries before credit entries.$)$

List of Accounts

$($b$)$

Your answer is incorrect.

Compute Skysong's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. $($Round answers to $2$ decimal places, eq $4\mathrm{.}57.$ Use $365$ days for calculation.$)$

Accounts receivable turnover

times

Days to collect accounts receivable

days