answer fast

e Accounting, 16e A Practice Assignment Gradebook ORION Downloadable Textbook Assignment RCES Exercise 7-20 (Part Level Submission) Presented below is information for Skysong Company. evel 1. Beginning-of-the-year Accounts Receivable balance was $18,700. 2. Net sales (all on account) for the year were $106,300. Skysong does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,700. Your answer is correct. tudy Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the when the amount is entered. Do not indent manually.) Debit Credit 1 / / / / / / / / / / / 1 / / / / No. Account Titles and Explanation No Entry No Entry Accounts Receivable Sales Revenue cash Accounts Receivable 1 11 TL 1 II II III 1 I 106,300 1 / 1 / / III 106,30 1 / / / / / // 1 1 06,300 1 / / 1 1 1 1/ 1 1 / 88,700 . JL 88,700 / / (b) Your answer is partially correct. Try again. Compute Skysong's accounts receivable tumover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round an Accounts receivable turnover mes Days to collect accounts receivable days Use the results to analyze Skysong's liquidity. The turnover ratio last year was 7.0. This is a bad trend in liquidity. SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT