Presented below is information for Metlock, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $ 148,000. 2. Net sales for the year were $ 1,350,000. $ 140,000 of the sales were cash sales. Metlock does not offer cash discounts for early payment. 3. Collections on accounts receivable during the year were $ 1,152,000. Metlock plans to factor accounts receivable totaling $ 70,000 at the end of the year. Metlock will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 5% of the balances for probable adjustments and assesses a finance charge of 7%. The fair value of the recourse obligation is $3,200. Prepare the journal entry to record the sale of the receivables. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 61,600 Loss on Sale of Receivables 8,100 Due from Factor 3,500 Recourse Liability 3,200 Accounts Receivable 70,000 Compute Metlock's accounts receivable turnover for the year under two scenarios. In the first scenario, assume the receivables are sold as described above. In the second scenario, assume Metlock does not factor the receivables. (Round answers to 2 decimal places, e.g. 52.70.) Assuming Factoring Assuming No Factoring Accounts receivable turnover 8.18 times 110 times e Textbook and Media List of Account