e. On December 1, Fast Delivery received a 2-month, 10%, $240 million note receivable from a large corporate customer in exchange for the customer's past due account; Fast Delivery made the proper year-end adjusting entry for the interest on this note. First record the note in exchange for the past due account. (Do not record the interest accrual, we will do that in the next step.) Journal Entry Date Accounts Debit Credit Notes Receivable Notes Receivable Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest million.) Date Debit Credit Journal Entry Accounts Interest Receivable Interest Revenue f. Fast Delivery's December 31, 2019, year-end bank statement reported $42 million of non-sufficient (NSF) checks from customers. Date Debit Credit Journal Entry Accounts Accounts Receivable Cash Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the December 31, 2018, balances as given. Post your entries to the Accounts Receivable and Allowance for Uncollectible Accounts T-accounts. Compute the ending balances for Accounts Receivable and the Allowance for Uncollectible Accounts and compare your balances to the actual December 31, 2019, amounts. They should be the same. How much does Fast Delivery expect to collect from its customers after December 31, 2019? (Enter amounts in millions as provided to you in the problem statement.) Allowance for Accounts Receivable Uncollectible Accounts Beg Bal Fast Delivery expects to collect $ L million from its credit customers after December 31, 2019. Requirement 4. Show the net effect of these transactions on Fast Delivery's net income for the year ended December 31, 2019. (Enter amounts in millions as provided to you in the problem statement. If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Use parentheses or a minus sign for expenses.) Service revenue Interest revenue Uncollectible-account expense Net effect on net income At year-end, Fast Delivery ended with the foregoing December 31, 2019, balances. Fast Delivery Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the following transactions of Fast Delivery for the year ended December 31, 2019 (explanations are not required). (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement.) a. Service revenue was $34.000 million, of which 10% is cash and the remainder is on account. More Info Journal Entry Accounts Date Debit Credit Cash Accounts Receivable Service Revenue Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At December 31, 2018, and 2019, respectively, Fast Delivery reported the following on its balance sheet (in millions of dollars): December 31, 2019 2018 Accounts receivable ......$ 3,600 $ 3,200 Less: Allowance for uncollectible accounts... (130) (220) ................$ 3,470 $ 2,980 b. Collections from customers on account were $29,300 million. Date Debit Credit Journal Entry Accounts Cash Accounts Receivable During the year ended December 31, 2019, Fast Delivery earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 2% of service revenue on account and that Fast Delivery wrote off uncollectible receivables and made other adjustments as necessary c. Uncollectible-account expense was 2% of service revenue an account. (Round your answer to the nearest million.) i Requirements Date Debit Credit Journal Entry Accounts Uncollectible-Account Expense Allowance for Uncollectible Accounts d. Write-offs of uncollectible accounts receivable were $702 million. Date Debit Credit Journal Entry Accounts Allowance for Uncollectible Accounts Accounts Receivable 1. Journalize the following transactions of Fast Delivery for the year ended December 31, 2019 (explanations are not required) a. Service revenue was $34.000 million, of which 10% is cash and the remainder is on account. b. Collections from customers on account were $29,300 million. c. Uncollectible-account expense was 2% of service revenue on account. d. Write-offs of uncollectible accounts receivable were $702 million. e. On December 1, Fast Delivery received a 2-month, 10%, $240 million note receivable from a large corporate customer in exchange for the customer's past due account: Fast Delivery made the proper year-end adjusting entry for the interest on this note. f. Fast Delivery's December 31, 2019, year-end bank statement reported $42 million of non-sufficient (NSF) checks from customers. 2. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the December 31, 2018, balances as given. Post your entries to the Accounts Receivable and Allowance for Uncollectible Accounts T-accounts. 3. Compute the ending balances for Accounts Receivable and the Allowance for Uncollectible Accounts and compare your balances to the actual December 31, 2019, amounts. They should be the same. How much does Fast Delivery expect to collect from its customers after December 31, 2019? 4. Show the net effect of these transactions on Fast Delivery's net income for the year ended December 31, 2019. d e. On December 1, Fast Delivery received a 2-month, 10%, $240 million note receivable from a large corporate custome entry Choose from any list or enter any number in the input fields and then continue to the next