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. Month Cash Collections Credit Sales Write-Offs July $ 95,000 $ 105,000 $ 3,500 August 101,100 98,000 September 100,500 101,000 3,000 October 98,000 120,000 November 110,000 157,000 December 156,500 180,000 2,500 January 130,000 75,000 February 105,000 83,000 4,500 March 91,000 85,000 April 90,000 97,000 5,000 May 87,500 95,000 1,000 June 108,000 85,000 Total $1,272,600 $1,281,000 $ 19,500 Midwests controller prepared the following aging of accounts receivable as of June 30, 2017: Account Classification Balance Percent Uncollectable Current $50,000 1% 1-30 days past due 47,000 5% 31-60 days past due 18,000 10% 61-90 days past due 9,000 20% Over 90 days past due 5,000 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 offs using the percentage of sales method. Assume that over the past three years 1.75% percent of credit sales have proven to be uncollectable. 2. Midwest uses an aging of accounts receivable to determine the final numbers for the financial statements. Prepare any adjusting journal entries necessary at 6/30/17. 3. Calculate the accounts receivable turnover ratio for the fiscal year ending June 30, 2017. 4. 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?