Information follows for Sheridan Company: 1. The beginning-of-the-year Accounts Receivable balance was $30,000. 2. Net sales...

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Information follows for Sheridan Company: 1. The beginning-of-the-year Accounts Receivable balance was $30,000. 2. Net sales for the year were $400,000. (Credit sales were $200,000 of the total sales.) Sheridan does not offer cash discounts. 3. Collections on accounts receivable during the year were $180,000. Prepare summary journal entries to record the items noted above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales revenue) (To record collections on account) Calculate Sheridan Company's accounts receivable turnover ratio for the year. How old is the average receivable? (Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 15.25 and other answer to 0 decimal places, e.g. 252. Use 365 days for calculation.) Accounts Receivable Turnover ratio times Average receivable days Information follows for Sheridan Company: 1. The beginning-of-the-year Accounts Receivable balance was $30,000. 2. Net sales for the year were $400,000. (Credit sales were $200,000 of the total sales.) Sheridan does not offer cash discounts. 3. Collections on accounts receivable during the year were $180,000. Prepare summary journal entries to record the items noted above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales revenue) (To record collections on account) Calculate Sheridan Company's accounts receivable turnover ratio for the year. How old is the average receivable? (Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 15.25 and other answer to 0 decimal places, e.g. 252. Use 365 days for calculation.) Accounts Receivable Turnover ratio times Average receivable days

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