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 46 machines. April 30: Sold 69 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 50 machines on credit, instead of the 46 machines that were previously ordered. 5: Yuri Inc. paid for the machines purchased on April 30. May May 7: Sold 20 machines to Cheng Ltd. on credit. May May 10: Wrote off $12,000 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1, 2020. 15: Peter's Appliances returned two defective machines and paid the amount due. June 1: Received $128,000 from Cheng Ltd. on account. June 30: Recovered $4,200 from the receivables that were written off on May 10. Additional information is as follows: IceKreme sold all machines at $8,000 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 $ 84,000 20,600 840,000 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.) Estimated % uncollectible Aging of accounts receivable Not yet due 5% 1-30 days past due 10% 31-60 days past due 15% Over 60 days 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 $ 17,600 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 transaction/event, select "No journal entry required" In the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 June 30 Bad debt expense Allowance for doubtful accounts Debit Credit 4,800 4,800 Accounts receivable $ 84,000 Allowance of doubtful accounts (credit balance) Net sales 20,600 840,000 Required: Prepare the journal entries to record the transactions that occurred from April 1 to June 30, 2020. (If no entry is required for a ransaction/event, select "No journal entry required" In the first account field.) 1 April 10 No journal entry required 2 April 30 Accounts receivable Sales revenue 3 May 01 Accounts receivable Sales revenue 4 May 05 Cash Sales discounts Accounts receivable 5 May 07 Accounts receivable Sales revenue 552,000 552,000 400,000 400,000 540,960 11,040 552,000 160,000 160,000 6 May 10 Allowance for doubtful accounts 12,000 Accounts receivable 12,000 7 May 15 Sales allowances and returns Cash 16,000 384,000 Accounts receivable 400,000 8 June 01 Cash Accounts receivable 128,000 128,000 9 June 30 Accounts receivable 4,200 Allowance for doubtful accounts 4,200 10 June 30 Cash Accounts receivable 4,200 4,200 3. IceKreme's net accounts receivable were $128,000 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