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More Info Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At August 31, 2021, and 2022, Fast Delivery reported the following on its balance sheet (in millions of dollars): August 31, 2022 2021 Accounts receivable $ 4,100 (170) 3,600 (150) Less: Allowance for uncollectible accounts Accounts receivable, net $ 3,930 $ 3,450 During the year ended August 31, 2022, Fast Delivery earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 4% of service revenue on account and that Fast Delivery wrote off uncollectible receivables and made other adjustments as necessary. At year-end. Lincoln ended with the foregoing August 31, 2022, balances. Print Done Fast Delivy Corporation www Read the Jumate the wings of a word 2002 r. www wou in the & Screws 0.00 min, of which can be Journal AU De Cred 1. Collections from somerson cou were $25,047 min Journal Entry Date Accounts Debit Credit c. Urcollectible account expense of service revenue on account. (Round your wwwer to the nort) Journal Entry Date Accounts Debit Credit c. Uncollectible court expense was 4 of service revenue on account (Round your answer to the nation) GE Joumal Entry Data Accounts Debit Credit d. Wnios of uncollectible accounts movable were $1,048 million Journal Entry Accounts Debit Credit d On Agaton Day 5150 min me tomorronte marinate for the customer Faydarperreny Fringer. Door de Jomary Date Account Det Ced woorde wat while on the noted you to Journal Date Account Deb Credit Now record the year and adjusting entry for the interest on the note. (Round your answer to the nearest million) Journal Entry Date Accounts Debit Credit f. Fast Delivery's August 31, 2022 year-end bank statement reported $45 million of non-sufficient (NSF) checks from customers. Journal Entry Accounts Debit Credit Date y Cog Memento do mundo esterno. 2001. Met you down Tomer force Het heeft de 2002 quando se constant hy hombres you, 2009 Neeme e. On August 1, Fast Delivery received a 2-month, 8%, S150 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 accrunt, we will do that in the next step Joumal Entry Date Accounts Debit Credit Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest milion) Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest million.) Journal Entry Date Accounts Debit Credit e Requirement 1. Journalize the following transactions of Fast Delivery for the year ended August 31, 2022 (explanations are not required) (Record debits first then credits Exclude explanations from any joumal entries Enter amounts in millions as provided to you in the problem statement) a. Service revenue was $30,000 million, of which 11% is cash and the remainder is on account Journal Entry Accounts Date Debit Credit a b. Collections from customers on account were $25,047 million Journal Entry Accounts Date Debit Credit b c. Uncollectible-account expense was 4% of service revenue on account (Round your answer to the nearest million.) Journal Entry Accounts Date Debit Credit d. Write-offs of uncollectible accounts receivable were $1,048 million Journal Entry Accounts Date Debit Credit d e. On August 1, Fast Delivery received a 2-month, 8%, 5150 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 Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest million) Journal Entry Accounts Date Debit Credit f. Fast Delivery's August 31, 2022, year-end bank statement reported 545 million of non-sufficient (NSF) checks from customers Journal Entry Date Accounts Debit Credit 21 4 Requirements 2 and 3. Taccounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the August 31, 2021 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 August 31, 2022, amounts. They should be the same How much does Fast Delivery expect to collect from its customers after August 31, 2022? (Enter amounts in millions as provided to you in the problem statement) Allowance for Uncollectible Accounts Accounts Receivable Fast Delivery expects to collect million from its credit customers after August 31, 2022 Requirement 4. Show the net effect of these transactions on Fast Delivery's net income for the year ended August 31, 2022. (Enter amounts in millions as provided to you in the problem statement If an input field is not used on the table, leave the field empty, do not select a label or enter a zero Use parentheses or a minus sign for expenses.) Net effect on net income