only need the solution for question 3, thanks : )
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 18 machines. April 30: Sold 27 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 21 machines on credit, instead of the 18 machines that were previously ordered. May 5: Yuri Inc. paid for the machines purchased on April 30. May 7: Sold 10 machines to Cheng Ltd. on credit. May 10: Wrote off $16,000 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 $96,000 from Cheng Ltd. on account. June 30: Recovered $2,800 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 $ 56,000 17,400 560,000 No Date General Journal Debit Credit 1 April 10 No journal entry required 2 April 30 Accounts receivable 324,000 Sales revenue 324,000 3 May 01 Accounts receivable 252,000 Sales revenue 252,000 4 May 05 Cash 317,520 6,480 Sales discounts Accounts receivable 324,000 5 May 07 Accounts receivable 120,000 Sales revenue 120,000 6 May 10 Allowance for doubtful accounts 16,000 Accounts receivable 16,000 7 May 15 Cash 228,000 Sales allowances and returns 24,000 Sales allowances and returns 24,000 Accounts receivable 252,000 8 June 01 Cash 96,000 Accounts receivable 96,000 9 June 30 Accounts receivable 2,800 Allowance for doubtful accounts 2,800 10 June 30 Cash 2,800 Accounts receivable 2,800 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% 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 $ 10,400 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 View journal entry worksheet No Date General Journal Debit Credit 1 June 30 Bad debt expense 6,200 Allowance for doubtful accounts 6,200 3. IceKremes net accounts receivable were $96,000 at June 30, 2019. Calculate IceKremes 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
