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 10 machines. April 30 Sold 15 machines to Yuri Inc. on credit. May May May May May June 1 The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 12 machines on credit, instead of the 10 machines that were previously ordered. 5 Yuri Inc. paid for the machines purchased on April 30. 7 Sold 10 machines to Cheng Ltd. on credit. 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. 1 Received $80,000 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 $10,000 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 15,000 600,000 Required: 1. Prepare the journal entries to record the transactions that occurred from April 1 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 list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the receipt of order from Peter's Appliance. Note: Enter debits before credits. Date April 10 General Journal Debit Credit Record entry Clear entry View general journal 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 5% 1-30 days past due 10% 31-60 days past due Over 60 days 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.) View transaction list Journal entry worksheet < 1 Record the bad debt expenses estimated for the period. Note: Enter debits before credits. Date June 30 General Journal. Debit Credit Record entry Clear entry View general journal 3. IceKreme's net accounts receivable were $80,000 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