Ship Fast Corporation is an overnight shipper i (Click the icon to view additional information) At year-end, Ship Fast ended with the foregoing August 31, 2019, balar Read the requirements More Info Requirements 2 and 3. T-accounts fo iven. Post your entries to the Accoun he Allowance for Uncollectible Accour xpect to collect from its customers af - X August 31, 2018, balance hces for Accounts Receival bime. How much does Ship Accounts Receivable Beg Bal a Since it sells on credit the company cannot expect to collect 100% of its accounts receivable. At August 31, 2018, and 2019, respectively, Ship Fast reported the following on its balance sheet (in millions of dollars) August 31, 2019 2018 Accounts receivable $ 3,800 $ 3.200 Less: Allowance for uncollectible accounts (100) (170) Accounts receivable.net $ 3.700 3.030 hip Fast expects to collects equirement 4. Show the net effect u in the problem statement. If a box penses) During the year ended August 31, 2019. 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 punts in millions as provided heses or a minus sign for Print Done ose from any list or enter any number in the input fields and then continue to the next question ast Corporation is an over lick the icon to view addit Requirements gust 31, 2019 - X ements 2 and 3. T-acco Post your entries to the A wance for Uncollectible A to collect from its custom Just 31, 2018, pr Accounts Re How much does Accounts Receiva 1 1. Journalize the following transactions of Ship Fast for the year ended August 31, 2019 (explanations are not required) a. Service revenue was $34.000 million, of which 10% is cash and the remainder is on account b. Collections from customers on account were $28,567 million c. Uncollectible-account expense was 2% of service revenue on account d. Write-offs of uncollectible accounts receivable were $682 million e. On August 1, Ship Fast received a 2-month, 3%, $800 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 August 31, 2019, year-end bank statement reported 549 million of non-sufficient (NSF) checks from customers 2. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the August 31, 2018 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 August 31, 2019, amounts. They should be the same. How much does Ship Fast expect to collect from its customers after August 31, 2019? 4. Show the net effect of these transactions on Ship Fasts net income for the year ended August 31, 2019 t expects to collect $ ment 4. Show the nete problem statement. If in millions as pro or a minus sign Print Done om any list or enter Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the August 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 August 31, 2019, amounts. They should be the same. How much does Ship Fast expect to collect from its customers after August 31, 2019? (Enter amounts in milions as provided to you in the problem statement) Allowance for Accounts Receivable Uncollectible Accounts Beg Bal Ship Fast expects to collects million from its credit customers after August 31, 2019 Requirement 4. Show the net effect of these transactions on Ship Fast's not income for the year ended August 31, 2019. (Enter amounts in millions as provided to you in the problem statement. If 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 expenses.) Ship Fast Corporation is an overnight shipper Al year-end, Ship Fast ended with the foregoing August 31, 2019, balance Click the icon to view additional information.) Read the requirements expect to collect from its customers after August 31, 2019? (Enter amounts in millions as provided to you in the problem statoment) Allowance for Accounts Receivable Uncollectible Accounts Beg Bal Ship Fast expects to collects million from its credit customers after August 31, 2019 Requirement 4. Show the net effect of these transactions on Ship Fast's net income for the year ended August 31, 2019. (Enter amounts in millions as provided to you in the problem statement If a box is not used in the table, leave the box emply, do not select a label or enter a zero. Use parentheses or a minus sign for expenses) Net effect on net income Choose from any list or enter any number in the input helds and then continue to the next