Ship Fast Corporation is an overnight shipper. A (Click the icon to view additional information.) At year-end, Ship Fast ended with the foregoing May 31, 2019, balances. Read the requirements Requirement 1. Journalize the following transactions of Ship Fast for the year ended May 31, 2019 (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 i More Info Date Accounts Debit Credit Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At May 31, 2018, and 2019, respectively. Ship Fast reported the following on its balance sheet (in millions of dollars): May 31 2019 2018 Accounts receivable S 4,200 S 3,300 Less: Allowance for uncollectible accounts (110) (150) Accounts receivable, net 4,090 $ 3,150 During the year ended May 31, 2019, 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. Print Done i X Requirements 1. C. Journalize the following transactions of Ship Fast for the year ended May 31, 2019 (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 $28,355 million. Uncollectible-account expense was 1% of service revenue on account. d. Write-offs of uncollectible accounts receivable were $337 million. e. On May 1, Ship Fast received a 2-month, 8%, $150 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 May 31, 2019, year-end bank statement reported $42 million of non-sufficient (NSF) checks from customers. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the May 31, 2018, balances as given. Post your entries to the Accounts Receivable and Allowance for Uncollectible Accounts T-accounts. Compute the ending balances for Accounts Receivable and the Allowance for Uncollectible Accounts and compare your balances to the actual May 31, 2019, amounts. They should be the same. How much does Ship Fast expect to collect from its customers after May 31, 2019? Show the net effect of these transactions on Ship Fast's net income May 31, 2019. 2. 3. 4. year ended