Kieso, Intermediate Accounting, 17e Help | System Announcements ment Exercise 7-21 Presented below is information for Shamrock Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,200. 2. Net sales (all on account) for the year were $106,200. Shamrock does not offer cash discounts. 3. Collections on accounts receivable during the year were $88,600. Shamrock is planning to factor some accounts receivable at the end of the year. Accounts totaling $14,400 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,196. "No Prepare the journal entry to record the sale of the receivables. (If no entry is required, sele 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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Compute Shamrock's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places, e.g. 4.57.) Accounts receivable turnover Days to collect accounts receivable times days Click if you would like to Show Work for this question: Qpen Show Work SHOW LIST OF ACCOUNTS