Problem #7: Aging Analysis Markle Inc has a $2,000 debit balance in Allowance for Doubtful Accounts as of 12/30/2020, before adjusting entries were prepared. Credit sales for the year 2019 totaled $610,000. Sales returns for the year were $10,000. Credit sales for the year 2020 totaled $600,000. Sales returns for the year were $10,000. The accounts receivable balance at the end of 2018 was $135,000. The balance in allowance for doubtful accounts at the end of 2018 was $5,000. The following aging analysis of Accounts Receivable was prepared at 12/31 for 2019 and 2020. Accounts Receivable Age Classification 12/31/19 $ Amount 12/31/20 $ Amount Estimated % Uncollectible Currentot yet due 120,000 110,000 1% 1-30 days past due 11,000 12,000 3% 31-60 days past due 6,000 10,000 6% 2,000 5,000 12% 61-90 days past due over 90 days past due Total 1,000 8,000 30% $140,000 $145,000 a. Prepare the 12/31/20 adjusting entry under using the aging analysis approach to estimate bad debts. Date Account | Debit Credit b. Calculate the accounts receivable turnover ratio for 2019 and 2020. C. How would you analyze the quality of the receivables based on your calculations? d. Analyze the aging analysis. Does the information in the breakdown of the age groups seem consistent with your analysis in c