E7-20B(Analysis of Receivables) Presented below is information for Monaco Company. 1. Beginning-of-the-year Accounts Receivable balance was $56,000. 2. Net sales (all on account) for the year were $685,000. Monaco does not offer cash discounts. 3. Collections on accounts receivable during the year were $650,000. Instructions (a) Prepare (summary) journal entries to record the items noted above. (b) Compute Monaco accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts. (c) Use the turnover ratio computed in (b) to analyze Monacos liquidity. The turnover ratio last yearwas 8.0