More info Requirement 1. Journe journal entries. Enter ar a. Service revenue was Date a Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At July 31,2021 , and 2022, Ship Fast reported the following on its halanne eheat fin millinne of resliarel. bd). (Record debits first, then credits During the year ended July 31, 2022, Ship Fast earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 2% of service revenue on account and that Ship Fast wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoin ended With the foregoing July 31,2022 , balances. Ship Fast Corporation is an overnight shipper. (1) (Click the icon to view additional information) Read the tequirements Requirement 1. Journalize the following transactions of Ship Fast for the year ended July 31, 2022 (explanofions are not required). (Record debits frst, then credits. Exclude explanabions from any journal entries. Enter arnounts in milions as provided to you in the probiem statement) a. Service revenue was $40,000 milion, of which 14% is cash and the remainder is on account. Requirements 1. Journalize the following transactions of Ship Fast for the year ended July 31,2022 (explanations are not required): a. Service revenue was $40,000 million, of which 14% is cash and the remainder is on account. b. Collections from customers on account were $32,734 million. c. Uncollectible-account expense was 2% of service revenue on account. d. Write-offs of uncollectible accounts receivable were $768 million. e. On July 1, Ship Fast received a 2-month, 10%, $240 million note receivable from a large corporate customer in exchange for the customer's past due account; Ship Fast made the proper year-end adjusting entry for the interest on this note. f. Ship Fast's July 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 July 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 July 31, 2022, amounts. They should be the same. How much does Ship Fast expect to collect from its customers after July 31,2022 ? 4. Show the net effect of these transactions on Ship Fast's net income for the year ended July 31, 2022