More Info required). (Record debits first, then 1. Joumalize the follow de explanations from a venue was $33.500 mill Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At December 31, 2018 and 2019, respectively, Fast Delivery reported the following on its balance sheet (in millions of dollars): December 31, 2019 2018 Accounts receivable $ 3,700 $ 3,500 Less: Allowance for uncollectible accounts (160) (170) Accounts receivable, net $ 3.540 $ 3.330 ctions from customers on a During the year ended December 31, 2019, Fast Delivery eamed service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 5% of service revenue on account and that Fast Delivery wrote off uncollectible receivables and made other adjustments as necessary AL Print Done ose from any list or enter any number in the input fields and then continue to the next question This course (BUSNA Financial Accounting Summer 2000- Las Posts College is based on Thomas/Tiet: Financial Accounting 12 MacBook Air 80 3 888 Fa 2 bil F DO 3 $ 96 A Wa 4 5 6 7 8 9 O E R T Y U I 0 P D F G H J L K C V Z B M * Question Help Requirements very Corporation is the icon to view ecember 31, 2019 Vier b). (Record debits first, then ement 1. Joumalized Exclude explanation vice revenue was $33 1. Joumalize the following transactions of Fast Delivery for the gear ended December 31, 2019 (explanations are not required) 2. Service revenue was $33.500 million, of which 8% is cash and the remainder is on account b. Collections from customers on account were $28,812 million c. Uncollectible-account expense was 5% of service revenue on account d. Write-offs of uncollectible accounts receivable were $1,551 milion e. On December 1, Fast Delivery received a 2-month, 4% $300 milion 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 t. Fast Delivery's December 31, 2019. year-end bank statement reported 543 milion 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, 2018, balances as given. Post your entries to the Accounts Receivable and Allowance for Uncolectible Accounts Taccounts 3. Compute the ending balances for Accounts Receivable and the Allowance for octible nts and compare your balances to the actual December 31, amounts. They should be the same. How much does Fast Delivery expect to collect from its customers her December 31, 2017 4. Show the net effect of these transactions on Fost Delivery's net income for the year ended December 31, 2019 Collections from custom Date Choose from any list or ont Print Done This COUSA BUSNA Financial Accounting Summer 2020. Las Positas College is based on Thomas/Tenancial Accounting se MacBook Air 80 089 PE bu Fe 3 ) $ 4 3 96 5 & 7 2 6 8 9 O W E R T Y U P - o S D F G H J J K L X C V B Z M nd command optio Read the guirements Requirement 1. Joumalize the following transactions of Fast Delivery for the year ended December 31, 2019 (explanations are not required). (Record debits first, the credits. Exclude explanations from any journal entries. Enter amounts in milions as provided to you in the problem statement) a. Service revenue was $33.500 milion, of which 8% is cash and the remainder is on account Journal Entry Accounts Date Debit Credit TY Mod b. Collections from customers on account were $28,812 milion on Tos Journal Entry Accounts Date Debit Credit Choose from any or enter any number in the input fields and then continue to the next question This cour BUSNA Financial Accounting Summer 2020-as postas Colege is based on Thomset Financial Accounting 12 MacBook Air S 21 99 Pe 3 $ 4 +00 2 3 5 6 7 9 0 W E R T Y U - 0 P S D F G H J K L X V Z B M V - * command command Read the requiremen b. Collections from customers on account were $28,812 million Journal Entry Accounts Date Debit Credit 5 rary c. Uncollectible-account expense was 5% of service revenue on account. (Round your answer to the nearest million) urces Journal Entry Date Accounts Debit Credit dy Mod C atlon To d. Wite-ots of uncollectible accounts ceivable were $1.561 milion Choose from any list or enter any number in the input fields and then continue to the next question This cour USA Financial Accounting Summer 2020. Las postas College is based on Thomas Francial Accounting 12 MacBook Air 3: $ 28 A 2 3 $ 4 96 5 6 & 7 8 9 0 W E R Y U P S D F G H J K L Z V B N . * command command want to foregoing December 31, 2019, (Click the icon to view additional information) balances Read the requirement d. Write-ots of uncollectible accounts receivable were $1,551 million Journal Entry Accounts Date Debit Credit brary e. On December 1. Fast Delivery received a 2 month, 4%, 5300 million not receivable from a large corporate customer in exchange for the customer's past due urces account Fast Delivery made the proper year-end adjusting entry for the interest on this note First record the role in exchange for the past due account. (Do not record the interest crual, we will do that in the next step) dy Mod Journal Entry ation To Date Accounts Credit Debit Choose from any list of enter any number in the input Selds and then continue to the next question This cours USA Francial Accounting Summer 2020. Las compris based on them inancial Account MacBook Air 30 86 PS CE w A 2 $ 4 3 % 5 6 7 8 9 0 Q E R T C V B N M 8 re command command opt Fast Delivery Corporation is an overnight shipper At year-end, Fast Delivery ended with the foregoing December 31, 2019, balances (Click the loon to view additional information) Read the requirement 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 ources 1. Fast Delivery's December 31, 2018 year-end bank statement reported 543 of non-sufficient (NSF) checks from customers Journal Entry Date Accounts Debit Credit 1 dy Mod ation to Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened in the December 31, 2018, balances as given. Post yours to the Accounts Receivable and Allowance for Uncollectible Accounts accounts Compute the ending balances for Accounts Receivable and Choose from any list or enter any number in the input fields and then continue to the next Question This course BSNIA France Accounting Summer 2000. Las postes College is based on Thomarcal Accourong 12 MacBook Air so SES AN 38 9 ! A 2 3 $ 4 5 6 & 7 ) 0 00 9 Q W E R T Y U 1 0 P - S D I G J K L ... N V B N M command command optie Read the requiremen Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the December 31, 2018, balances as given. Post your entries to the Accounts Receivable and Alowance for Uncollectible Accounts T-accounts. Compute the ending balances for Accounts Receivable and the Allowance for Uncolectible Accounts and compare your balances to the actual December 31, 2019, amounts. They should be the same. How much does Fast Delivery expect to collect from its customers after December 31, 2019? (Enter amounts in millions as provided to you in the problem statement) Allowance for Uncollectible Accounts Accounts Receivable ary Mod on Too Fast Delivery expects to collect million from its credit customers after December 2010 Requirement 4. Show the met effect of these transactions on Fast Delivery's net income for the year ended December 31, 2019. (Enter amounts in milions as provided to you in the problem statement. We box is not used in the table, leave the box empty, do not select a tabel or enter a zero. Use parentheses or a minus sign for Choose from any of enter any number in the input fields and the continue to the next question This course USA Fancel touring-Summer 2020-Las Posts College is based on Thomas The Financial Accounting 12 MacBook Air 380 HY na 13 . A ) 56 5 $ 4 2 & 7 3 6 8 9 : o 7 W E R T Y U O P S D F G H J K L > Z X C V B N M V - > 2 command command optio Fast Delivery expects to collect million from its cred customers after December 31, 2019 Requirement 4. Show the net effect of these transactions on Fast Delivery's net income for the year ended December 31, 2019. (Enter amounts in millons as provided to you in the problem atament a box is not used in the table, leave the box empty, do not select a label or enter a zero Use parentheses or a minus sign for asponen) Tot Net eftectonicom Choose from any list or enter any number in the input fields and then continue to the next question This course (BUSA Financial Accounting-Summer 2020 - Las Positas Colege is based on Thomas/Tiet: Financial Accounting 12 MacBook Air SES ra T! $ 4 2 3 6 5 C 9 6 7 8 0 W E R T Y U I o P 7 S D F G H J K Z > X V B Z M V - command command