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Express Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements. a. Service revenue was $33,000 million, of which 10%
Express Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements. a. Service revenue was $33,000 million, of which 10% is cash and the remainder is on account. More info b. Collections from customers on account were $28,535 million. collected cash from customers. Assume uncollectible-account expense for the c. Uncollectible-account expense was 1% of service revenue on account. (Round your answer to the nearest million.) year was 1% of service revenue on account and that Express wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoln ended with the foregoing October 31,2022 , balances. 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.) Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest million.) f. Express's October 31,2022 , year-end bank statement reported $52 million of non-sufficient (NSF) checks from customers. Allowance for Uncollectible Accounts Express expects to collect million from its credit customers after October 31, 2022. Net effect on net income
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