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 50 machines. April 30: Sold 75 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 54 machines on credit, instead of the 50 machines that were previously ordered. May 5: Yuri Inc. paid for the machines purchased on April 30. May 7: Sold 20 machines to Cheng Ltd. on credit. May 10: Wrote off $14,000 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 $128,000 from Cheng Ltd. on account. June 30: Recovered $4,400 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 $ 88,000 20,400 880,000 Answer is complete and correct. No Date General Journal Debit Credit 1 April 10 No journal entry required 2 April 30 Accounts receivable 600,000 Sales revenue 600,000 3 May 01 Accounts receivable 432,000 Sales revenue 432,000 4 May 05 Cash 588,000 12,000 Sales discounts Accounts receivable 600,000 5 May 07 Accounts receivable 160,000 Sales revenue 160,000 6 co May 10 Allowance for doubtful accounts 14,000 Accounts receivable 14,000 6 May 10 Allowance for doubtful accounts 14,000 Accounts receivable 14,000 7 May 15 Sales allowances and returns 16,000 416,000 Cash Accounts receivable 432,000 8 June 01 Cash 128,000 Accounts receivable 128,000 9 June 30 Accounts receivable 4,400 Allowance for doubtful accounts 4,400 10 June 30 Cash 4,400 Accounts receivable 4,400 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 Estimated % uncollectible 5% 10% past due 3160 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 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 complete but not entirely correct. No Date General Journal Debit Credit 1 June 30 Bad debt expense 16,400 Allowance for doubtful accounts 16,400 X 3. IceKremes 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