E7.20 (LO 5) (Analysis of Receivables) Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. Instructions a. Prepare (summary) journal entries to record the items noted above. b. Compute Joness accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. c. Use the turnover ratio computed in (b) to analyze Joness liquidity. The turnover ratio last year was 6.0.