Speedy Mail Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements.

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Speedy Mail Corporation Is An Overnight Shipper Click The Icon To View Additional Information Read The Requirements 1 (111.82 KiB) Viewed 10 times

Speedy Mail Corporation is an overnight shipper. (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the following transactions of Speedy Mail for the year ended March 31, 2022 (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 $35,000 million, of which 6% is cash and the remainder is on account. - X Journal Entry Date Date b. Collections from customers on account were $31,458 million. Journal Entry a Date b Date Accounts C Accounts d c. Uncollectible-account expense was 1% of service revenue on account. (Round your answer to the nearest million.) Journal Entry d. Write-offs of uncollectible accounts receivable were $339 million. Journal Entry Accounts Debit Accounts Debit Debit Credit Debit Credit Credit Credit More info Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At March 31, 2021, and 2022, Speedy Mail reported the following on its balance sheet (in millions of dollars): Accounts receivable Less: Allowance for uncollectible accounts Accounts receivable, net $ Print 2022 4,000 (180) $ 3,820 $ During the year ended March 31, 2022, Speedy Mail earned service revenue and collected cash from customers. Assume uncollectible-account expense for the year was 1% of service revenue on account and that Speedy Mail wrote off uncollectible receivables and made other adjustments as necessary. At year-end, Lincoln ended with the foregoing March 31, 2022, balances. March 31, Done 2021 $ 3,000 (190) 2,810
e. On March 1, Speedy Mail received a 2-month, 8%, $150 million note receivable from a large corporate customer in exchange for the customer's past due account; Speedy Mail made the proper year-end adjusting entry for the interest on this note. First record the note in exchange for the past due account. (Do not record the interest accrual, we will do that in the next step.) Journal Entry Date Date e Date Now record the year-end adjusting entry for the interest on the note. (Round your answer to the nearest million.) Journal Entry e f Accounts Accounts Receivable Accounts Speedy Mail expects to collect Debit f. Speedy Mail's March 31, 2022, year-end bank statement reported $47 million of non-sufficient (NSF) checks from customers. Journal Entry Accounts Debit Credit Debit Credit Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the March 31, 2021, 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 March 31, 2022, amounts. They should be the same. How much does Speedy Mail expect to collect from its customers after March 31, 2022? (Enter amounts in millions as provided to you in the problem statement.) Allowance for Uncollectible Accounts Credit million from its credit customers after March 31, 2022.
Requirements 2 and 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Insert the March 31, 2021, 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 March 31, 2022, amounts. They should be the same. How much does Speedy Mail expect to collect from its customers after March 31, 2022? (Enter amounts in millions as provided to you in the problem statement.) Accounts Receivable Allowance for Uncollectible Accounts Speedy Mail expects to collect Requirement Show the net effect of these transactions on Speedy Mail's net income for the year ended March 31, 2022. (Enter amounts in millions as provided to you in the problem statement. If an input field is not used in the table, leave the field empty; do not select a label or enter a zero. Use parentheses or a minus sign for expenses.) Net effect on net income million from its credit customers after March 31, 2022.