Presented below is information for Jones Company.
|1.||Beginning-of-the-year Accounts Receivable balance was $19,200.|
|2.||Net sales (all on account) for the year were $102,500. Jones does not offer cash discounts.|
|3.||Collections on accounts receivable during the year were $90,900.|
Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $10,600 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 7% of the balances for probable adjustments and assesses a finance charge of 6%. The fair value of the recourse obligation is $1,060.
Prepare the journal entry to record the sale of the receivables.
Compute JonesAc€?cs accounts receivable turnover ratio for the year, assuming the receivables are sold.
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