IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April $1$ and June $30$ of the current year:

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 $1$ 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.

May $5$ Yuri Inc. paid for the machines purchased on April $30.$

May $7$ Sold $2$ 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 $1$ of the current year.

May $10$ Peter$$s Appliances paid the amount due to IceKreme.

June $30$ Recovered $$4,000$ from the receivables that were written off on May $10.$

Additional information is as follows:

IceKreme sold all machines at $$20,000$ per unit.

All of IceKreme$$s sales were on credit with terms n$/30.$

IceKreme$$s records included the following items and their balances as at March $31$ of the current year: IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April $1$ and June $30$ of

the current year:

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 $1$ 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.

May $5$ Yuri Inc. paid for the machines purchased on April $30.$

May $7$ Sold $2$ 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 $1$ of the current year.

May $10$ Peter's Appliances paid the amount due to IceKreme.

June $30$ Recovered $$4,000$ from the receivables that were written off on May $10.$

Additional information is as follows:

IceKreme sold all machines at $$20,000$ per unit.

All of IceKreme's sales were on credit with terms $\frac{n}{30}.$

IceKreme's records included the following items and their balances as at March $31$ of the current year: Required:

Prepare the journal entries to record the transactions that occurred from April $1$ to June $30$ of the current year. $($If no entry is required

for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)8$ Record the entry for reinstatement of accounts written

off.

$9$ Record amount collected against accounts receivable

written off. 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.$)$

a$.$ Determine the amount of receivables that may not be collectible in the future as on June $30$ of the current year.

Amount of uncollectible

b$.$ Prepare the journal entry to record bad debt expense at June $30$ of the current year, 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.$)$

Journal entry worksheet

$1$

Record the bad debt expenses estimated for the period.

Note: Enter debits before credits.IceKreme's net accounts receivable were $$100,000$ at June $30$ of the prior year. Calculate IceKreme's average collection period for

the current fiscal year. $($Use $365$ days a year. Round intermediate calculations to $2$ decimal places. Round the final answer to $1$

decimal place.$)$

Average collection period

days