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 32 machines. April 30: Sold 48 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited Icekreme's factory and purchased 34 machines on credit, instead of the 32 machines that were previously ordered. May May May May June 5: Yuri Inc. paid for the machines purchased on April 30. 71 Sold 15 machines to Cheng Ltd. on credit. 10: Wrote off $14,000 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1, 2020. 151 Peter's Appliances returned three defective machines and paid the amount due. 1: Received $180,000 from Cheng Ltd. on account. June 30: Recovered $3,500 from the receivables that were written off 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 3/10, n/30. IceKreme's records included the following items and their balances as at March 31, 2020: Accounts receivable Allowance of doubtful accounts (eredit balance) Net sales $ 70,000 21,600 700,000 . 1. Prepare the journal entries to record the transactions that occurred from April 1 to June 30, 2020. (If no entry is requ transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No 1 Date April 10 General Journal Debit Credit No journal entry required 2 April 30 Accounts receivable Sales revenue 720,000 720,000 3 May 01 Accounts receivable 510,000 Sales revenue 510,000 4 May 05 Cash 698,400 Sales discounts 21,600 Accounts receivable 720,000 5 May 07 Accounts receivable 225,000 Sales revenue 225,000 6 May 10 Allowance for doubtful accounts Accounts receivable 14,000 14,000 7 May 15 Sales allowances and returns 45,000 Cash 465,000 Accounts receivable 510,000 8 June 01 Cash Accounts receivable 9 June 30 Accounts receivable Allowance for doubtful accounts 10 June 30 Cash Accounts receivable 30 180,000 180,000 3,500 3,500 3,500 3,500 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 Estimated uncollectible Not yet due 58 10 past due 15 1-30 days 31-60 days Over 60 days past due past due 20% 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.) No Date Answer is not complete. General Journal Debit Credit 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