Express Corporation sells its services for cash and on account By selling on credit, Express cannot expect to collect 100% of its accounts receivable Assume that at May 31, 2020, and 2019, respectively Express reported the following on its balance sheet (adapted and in millions of US dollars) EE! (Click the icon to view the balance sheet information.) During the year ended May 31, 2020, Express earned service revenue and collected cash from customers. Assume bad debt expense for the year was $380 million and that Express wrote off uncollectible receivables Requirements Before preparing the T-accounts record the journal entries for the transactions of Express for the year ended May 31, 2020 Requirement 2. Journalize the transactions of Express for the year ended May 31, 2020. (Record debits first, then credits. Enter amounts in millions. Explanations are not required.) a. Service revenue on account, $37 956 million Journal Entry Accounts Debit Date Credit a Balance sheet information May 31 2020 2019 Accounts receivable 4,459 $ 4,079 (136) Less. Allowance for uncollectibles (152) Accounts receivable, net. $ 4,307 $ 3.943 Requirements 1. Prepare T-accounts for Accounts Receivable and Allowance for Uncollectibles, and insert the May 31, 2019, balances as given. 2. Journalize the following assumed transactions of Express for the year ended May 31, 2020. Explanations are not required. a. Service revenue on account, $37,956 million b. Collections on account, $37,149 million c. Bad debt expense, $380 million d. Write-offs of uncollectible accounts receivable, $367 million e. Recovered an accounts receivable, $3 million f. On May 1, Express received a two-month, 5%, $60 million note receivable from one of its large customers in exchange for the customer's past due account. Express made the proper year-end adjusting entry for the interest on this note. 3. Post your entries to the Accounts Receivable and the Allowance for Uncollectibles T-accounts 4. Compute the ending balances for the two T-accounts, and compare your balances to the actual May 31, 2020, amounts. They should be the same. 5. Show what Express would report on its income statement for the year ended May 31, 2020 6. Recommend several ways for Express to improve cash collections from receivables