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 22 machines. April 30: Sold 33 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 24 machines on credit, instead of the 22 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 off $18,000 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1, 2020. May 15: Peter's Appliances returned two defective machines and paid the amount due. June 1: Received $144,000 from Cheng Ltd. on account. June 30: Recovered $3,000 from the receivables that were written off on May 10. Additional information is as follows: IceKreme sold all machines at $12,000 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 $ 60,000 18,600 600,000 No Date Debit Credit General Journal No journal entry required 1 April 10 2 April 30 396,000 Accounts receivable Sales revenue 396,000 3 May 01 288,000 Accounts receivable Sales revenue 288,000 4 May 05 Cash Sales discounts Accounts receivable 396,000 5 May 07 Accounts receivable Sales revenue 6 May 10 Allowance for doubtful accounts Accounts receivable 7 May 15 Sales allowances and returns Cash Accounts receivable 8 June 01 Cash 8 June 01 Cash Accounts receivable 9 June 30 Accounts receivable Allowance for doubtful accounts 10 June 30 Cash Accounts receivable 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 130 days due past due Estimated & uncollectible 5% 10% 3160 days Over 60 days past due past due 15% 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.) X Answer is not complete. No Date General Journal Debit Credit 3. IceKreme's net accounts receivable were $144,000 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