Following are the monthly sales, collections and bad debt write-offs for Midwest Distributing. Inc. for its year ending June, 30 2017. Assume all sales are credit sales. Cash Write-Ofts S 3,500 Collections Credit Sales S 95,000 105.000 98,000 101,000 120,000 157,000 180,000 75,000 July 101,100 100.500 98,000 110,000 156.500 30,000 105,000 91,000 90,000 87,500 108,000 2,500 85,000 97,000 95,000 85,000 $1,272,600 1,281,000 March 5,000 1,000 May June Total S 19,500 Midwest's controller prepared the following aging of accounts receivable as of June 30, 2017: Account Classification Percent Uncollectable 50,000 47,000 18,000 9,000 5,000 1% 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due 10% 20% 25% The allowance for doubtful accounts balance on June 30, 2016 was $8,950. Required 1. Prepare summary journal entries to record credit sales, collections, the provision for bad debts and write ofts using the percentage of sales method. Assume that over the past three years 1.75% percent of credit sales have proven to be uncollectable. Midwest uses an aging of accounts receivable to determine the final numbers for the financial statements. 2. Prepare any adjusting journal entries necessary at 6/30/17 3. 4. Calculate the accounts receivable turnover ratio for the fiscal year ending June 30, 2017 Midwest has a goal of collecting it receivables within 30 days. Has Midwest met the objective? What changes would you recommend to speed up the collection of accounts receivable