Exercise 7-20 Presented below is information for Cullumber Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $18,700. Net sales (all on account) for the year were $106,300. Cullumber does not offer cash discounts. Collections on accounts receivable during the year were $88,700. Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. SHOW LIST OF ACCOUNTS X Your answer is incorrect. Try again. Compute Cullumber'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, e.g. 4.57.) Accounts receivable turnover times Days to collect accounts receivable days SHOW LIST OF ACCOUNTS X Your answer is incorrect. Try again. Use the turnover ratio computed in (b) to analyze Cullumber's liquidity. The turnover ratio last year was 7.0. This is a trend in liquidity. Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS