- More Info Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At August 31, 2021, and 2022, Ship Fast reported the following on its balance sheet (in millions of dollars): August 31, 2022 2021 Accounts receivable $ $ 3,700 (110) 3,500 (240) Less: Allowance for uncollectible accounts Accounts receivable, net $ 3,590 $ 3,260 During the year ended August 31, 2022, Ship Fast earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 1% of service revenue on account and that Ship Fast wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoln ended with the foregoing August 31, 2022, balances. Print Done Ship Font Corporation is an overnight shipper Requirement 1. Joumalize the following transactions of Ship Fant for the year ended August 31, 2022 (explanations are not required). (Record dobits first, then credits. Exclude explanations tra milions provided to you in the problem samot) Service revenue was $33.000 milion of which 10% cash and the remainder is on account Journal Entry Accounts Date Debit Credit b. Collections from customers on account were 528.875 million Journal Entry Accounts Date Debit Credit b Shop Fast Corporation is the c. Unele were not under en milion Date Debit Credit Ve We of 47 mamy Date Debit Cr 6. On August. Shu Fast mono wrecorre come in exchange for the compa de account Ship Fast made the proper year-end adjusting entry for the rest on this She Font Corporate On August 1. Shpetrece 104 oom we can get to the impaccount Ship Fast made the proper year and adjusting entry for the need on this First meet the rate nestangewe datorren hotel, we will start to Journal Dele Debi Crea Now record the adding to the youth Da Ace De Cro She Corpo Date A- Debit Cro Hequirements and change 2021. Post you to collected Allow Uncle modelowance Accounts and chance to 1.2002. The anomaly Acom how 202 Requirement show the constantywned Apt.2022 yow month