accountinf study guide questions 1 & 2 please help, thanks!

PROBLEMS 1. Journalize the entries for the following transactions: a. Sold merchandise to customers who used American Express, $3,170. The cost of the merchandise sold was $2,400 b. Sold merchandise for cash, $2,950. The cost of the merchandise sold was $1,680. c. Paid $175 service fee for processing American Express sales. 2. For the fiscal year ended December 31, 2014, Turner Company reported the following: Net sales $1,200,000 Accounts Receivable: Beginning of the year End of the year $ 70,000 $ 90,000 a. Compute the accounts receivable turnover for 2014 b. Compute the number of days' sales in receivables for 2014. (Round to nearest dollar and day) C. If credit terms are n/30, is Turner Company efficient in collecting receivables based on the amounts calculated above? State your reasons for your