Help Sa IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30, 2020: April 10: Received an order from Peter's Appliances, a wholesaler, for 26 machines. April 30: Sold 39 machines to Yuri Ine. on credit. May 1. The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 28 machines on credit, instead of the 26 machines that were previously ordered. May 5: Yuri Inc. paid for the machines purchased on April 30. May 7: Sold 15 machines to Cheng Ltd. on credit. May 10. Wrote oft $20,000 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1, 2020. May 15. Peter's Appliances returned to detective machines and paid the amount due. June 1. Received $180,000 from Cheng Ltd. on account. June 30Recovered $3,200 from the receivables that were written of! on May 10. Additional information is as follows: IceKreme sold all machines at $15,000 per unit. All of IceKreme's sales were on credit with terms 2/10,n/30. IceKreme's records included the following items and their balances as at March 31, 2020: Accounts receivable Allowance of doubtful accounts (credit balance) Net sales $ 64,000 19,800 640.000 Required: 1. Prepare the journal entries to record the transactions that occurred from April to June 30, 2020. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction that Journal entry worksheet Chaptels 6, alla 8) Sived Help Sav View transaction list Journal entry worksheet Help 2. The company uses the aging of accounts receivable method to determine the amount of bad debt expense. The estimated uncollectible rates for the various age groups are as follows: (Hint: Use a timeline to keep track of accounts receivable in order to determine the age of these receivables.) Aging of accounts receivable Not yet 1-30 days due past due Estimated uncollectible 5% 105 31-60 days Over 60 days past due past due 156 ON a. Determine the amount of receivables that may not be collectible in the future as on June 30, 2020. Amount of uncollectible b. Prepare the journal entry to record bad debt expense at June 30, 2020, the company's fiscal year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet 1 Record the bad debt expenses estimated for the period. (Chapters 6, 7 and 8) Saved Help View transaction list Journal entry worksheet 1 Record the bad debt expenses estimated for the period. Note: Enter debits before credits General Journal Date June 30 Debit Credit Record entry Clear entry View general Journal 3. IceKreme's net accounts receivable were $180,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.) Average collection penod days nt 3 (Chapters 6, 7 and 8) Saved Help Record the bad debt expenses estimated for the period. Note: Enter debits before credits General Journal Debit Date June 30 Credit 07 Record entry Clear entry View general Journal 3. IceKreme's net accounts receivable were $180,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year 2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.) Average collection period days 4. This part of the question is not part of your Connect assignment
