Requirements 1. Prepare T-accounts for Accounts Receivable and Allowance for Uncollectibles, and insert the May 31, 2019, balances as given. 2. Journalize the following assumed transactions of DHL for the year ended May 31, 2020. Explanations are not required. a. Service revenue on account, $37,950 million b. Collections on account, $37,154 million c. Bad debt expense, $380 million d. Write-offs of uncollectible accounts receivable, $358 million e. Recovered an accounts receivable, $3 million f. On May 1, DHL received a two-month, 5%, $40 million note receivable from one of its large customers in exchange for the customer's past due account. DHL made the proper year-end adjusting entry for the interest on this note. 3. Post your entries to the Accounts Receivable and the Allowance for Uncollectibles T-accounts. 4. Compute the ending balances for the two T-accounts, and compare your balances to the actual May 21 2020 amounts Thou should be the come Requirements a. Service revenue on account, $37,950 million b. Collections on account, $37,154 million c. Bad debt expense, $380 million d. Write-offs of uncollectible accounts receivable, $358 million e. Recovered an accounts receivable, $3 million f. On May 1, DHL received a two-month, 5%, $40 million note receivable from one of its large customers in exchange for the customer's past due account. DHL made the proper year-end adjusting entry for the interest on this note. 3. Post your entries to the Accounts Receivable and the Allowance for Uncollectibles T-accounts. 4. Compute the ending balances for the two T-accounts, and compare your balances to the actual May 31, 2020, amounts. They should be the same. 5. Show what DHL would report on its income statement for the year ended May 31, 2020. 6. Recommend several ways for DHL to improve cash collections from receivables. DHL Corporation sells its services for cash and on account. By selling on credit, DHL cannot expect to collect 100% of its accounts receivable. Assume that at May 31, 2020, and 2019, respectively, DHL reported the following on its balance sheet (adapted and in millions of US dollars): (Click the icon to view the balance sheet information.) During the year ended May 31, 2020, DHL earned service revenue and collected cash from customers. Assume bad debt expense for the year was $380 million and that DHL wrote off uncollectible receivables. Requirements Devre preparing the accounts, recorre pour des for the tabu u UNL IU ure year end may 31, 2020 Requirement 2. Journalize the transactions of DHL for the year ended May 31, 2020. (Record debits first, then credits. Enter amounts in millions. Explanations are not required.) a. Service revenue on account, $37,950 million Date rcel Journal Entry Accounts Debit Credit Balance sheet information May 31 2020 2019 Accounts receivable. $ 4,470 4,072 Less: Allowance for uncollectibles (155) (130) Accounts receivable, net. $ 4,315 $ 3,942 Print Done