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Presented below is information for Metlock Company 1. 2 Beginning-of-the-year Accounts Receivable balance was $18.800. Net sales (all on account) for the year were $107.500. Metlock does not offer cash discounts. Collections on accounts receivable during the year were $83,900, 3. Metlock is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,200 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 $1.193. Your answer is correct Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 11748 Los on Sale of Receivables 1853 Dase from Factor 792 Recourse Liability 1193 Accounts Receivable 13200 Your answer is incorrect. Compute Metlock's accounts receivable turnover for the year, assuming the receivables are sold (Round answers to 2 decimal places, e.g. 4.57.) 3.51 times Accounts receivable turnover 103.88 Days to collect accounts receivable days