Mail Time Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the following transactions of Mail Time for the year ended December 31, 2022 (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 $33,000 million, of which 10% is cash and the remainder is on account. Journal Entry Date Accounts Debit Credit a More Info Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At December 31, 2021, and 2022, Mail Time reported the following on its balance sheet (in millions of dollars): December 31, 2022 2021 Accounts receivable $ 3,900 $ 3,000 Less: Allowance for uncollectible accounts (150) (170) Accounts receivable, net $ 3,750 $ 2,830 During the year ended December 31, 2022, Mail Time earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 1% of service revenue on account and that Mail Time wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoln ended with the foregoing December 31, 2022, balances. Requirements 1. Journalize the following transactions of Mail Time for the year ended December 31, 2022 (explanations are not required): a. Service revenue was $33,000 million, of which 10% is cash and the remainder is on account b. Collections from customers on account were $28,125 million. c. Uncollectible-account expense was 1% of service revenue on account. d. Write-offs of uncollectible accounts receivable were $317 million. e. On December 1, Mail Time received a 2-month, 6%, $400 million note receivable from a large corporate customer in exchange for the customer's past due account; Mail Time made the proper year-end adjusting entry for the interest on this note. f. Mail Time's December 31, 2022, 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, 2021, 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, 2022, amounts. They should be the same. How much does Mail Time expect to collect from its customers after December 31, 2022? 4. Show the net effect of these transactions on Mail Time's net income for the year ended December 31, 2022