Show Attempt History Current Attempt in Progress Presented below is information for Novak Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $24,800. Net sales (all on account) for the year were $107.700. Novak 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 1. No Entry No Entry 2. Accounts Receivable Sales Revenue 3. Cash Accounts Receivable Debit 107,700 88,700 Credit 0 107,700 88,700 (b) Your answer is incorrect. Compute Novak'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 4.92 times Days to collect accounts receivable 74.14 days eTextbook and Media