i Requirements 1 Journalize the following transactions of Fast Service Corp. for the year ended March 31, 2017 (explanations are not required) Service revenue was $32,700 million, of which 11% is cash and the remainder is on account. a. account were $27,360 million b. Collections from customers on Uncollectible-account expense was 2% of service revenue on account were $682 million c. d. Write-offs of uncollectible accounts receivable e. On March 1, Fast Service received a 2-month, 4%, $210 million note receivable from a large corporate customer in exchange for the customer's past due account; Fast Service made the er year-end adjusting entry for the interest on this note. f. Fast Service's March31, 2017 year-end bank statement reported $49 million of NSF checks from customers. 2. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the March 31, 2016, balances as Receivable and Allowance for Uncollectible Accounts T-accounts. given. Post your entries to the Accounts 3. Compute the ending balances for Accounts Receivable and the Allowance for Uncollectible Accounts and compare your balances to the actual March 31, 2017, amounts. They should be the same. How much does Fast Service expect to collect from its customers after March 31, 2017? 4. Show the net effect of these transactions on Fast Service's net income for the year ended March 31, 2017 rough the accoununy receivable les, and notes recevable for Fast Survice Corp, the ovemight shipper. By selling on credit, the company cannot expect to collect 100% of its accounts receivable. At on it nce sheet (in millions reported E(Click the icon to view the balance sheet information.) During the year ended March 31, 2017, Fast Service Corp. eamed service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 2 % of service revenue on account and that Fast Service wrote off uncollectible receivables and made other adjustmentsa necessary. At year-end, Fast Service ended with the foregoing March 31, 2017, balances. Read the reguirements. Requirement 1. Journalize the fallowing transcuns nt.) Fast Service Corp. for the year ended March 31, 2017 (explanations are not required). (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in s provided to you in problem a. Service revenue was $32.700 million, of which 11 % is cash and the remainder is on account. Journal Entry Debit Credit Date Accounts i Data Table March 31, 2017 2016 Accounts receivable 4,600 3,700 (140) (240) Less: Allowance for uncollectible accounts Accounts receivable, net 3,460 $ 4,460 Done Print