am. 290. Presented below is information for Nash Company.1. Beginning-of-the-year Accounts Receivable balance was $17,900.Net sales (all on account) for the year were $103,300. Nash does not offer cash discounts.Collections on accounts receivable during the year were $84,800.2.3.Nash is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,800 will be transferred to CreditFactors, 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 $1,132.Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account titles and enterO for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debitentries before credit entries.)Account Titles and ExplanationeTextbook and MediaList of AccountsAccounts receivable turnoverDebitCompute Nash's accounts receivable turnover for the year, assuming the receivables are sold. (Round answers to 2 decimal places,e.g. 4.57. Use 365 days for calculation.)Days to collect accounts receivabletimesCreditdays

Journal entry is an art of recording, summarizing and classifying the business transactions into…

Presented below is information for Nash Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $17,900. Net sales (all on account) for the year were $103,300. Nash does not offer cash discounts. Collections on accounts receivable during the year were $84,800. Nash is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,800 will be transferred to Credit

Presented below is information for Nash Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $17,900. Net sales (all on account) for the year were $103,300. Nash does not offer cash discounts. Collections on accounts receivable during the year were $84,800. Nash is planning to factor some accounts receivable at the end of the year. Accounts totaling $13,800 will be transferred to Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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