Ship Fast Corporation sells its services for cash and on account By selling on credit, Ship Fast cannot expect to collect 100% of its accounts receivable. Assume that at May 31, 2020, and 2019, respectively. Ship Fast 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, Ship Fast earned service revenue and collected cash from customers Assume bad debt expense for the year was $380 million and that Ship Fast wrote off uncollectible receivables Requirements Before preparing the T-accounts, record the journal entries for the transactions of Ship Fast for the year ended May 31, 2020 Requirement 2. Journalize the transactions of Ship Fast 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 Journal Entry Balance sheet information Date Accounts Debit Credit 4470 Interest Revenue a Accounts Receivable 4470 May 31 2020 2019 Accounts receivable S $ 4,470 (156) 4,076 (134) Less Allowance for uncollectibles $ 4.314 S Accounts receivable net 3.942 Print Done Clear All Final Check Ship Fast Corporation sells its services for cash and on account By selling on credit, Ship Fast cannot expect to collect 100% of its accounts receivable. Assume that at May 31, 2020, and 2019, respectively. Ship Fast 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, Ship Fast earned service revenue and collected cash from customers Assume bad debt expense for the year was $380 million and that Ship Fast wrote off uncollectible receivables Requirements Before preparing the T-accounts, record the journal entries for the transactions of Ship Fast for the year ended May 31, 2020 Requirement 2. Journalize the transactions of Ship Fast 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 Journal Entry Balance sheet information Date Accounts Debit Credit 4470 Interest Revenue a Accounts Receivable 4470 May 31 2020 2019 Accounts receivable S $ 4,470 (156) 4,076 (134) Less Allowance for uncollectibles $ 4.314 S Accounts receivable net 3.942 Print Done Clear All Final Check