COM 204 WU001 nterwnsyeE Homework: Online Assignment, Chapter 4 & 5 varinderjeet kaur 06/11/21 222 PM...

  
 

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COM 204 WU001 nterwnsyeE Homework: Online Assignment, Chapter 4 & 5 varinderjeet kaur 06/11/21 222 PM ori Score: 0 of 8 pts Save 3 of 5 (0 complete) HW Score: 0%, 0 of 35 pts P4-37A (similar to) Question Help v O Fast Delivery Corporation sells its servces for cash and on account By seling on credit, Fast Delvery cannot expect to colect 100% of its accourts recevatie Assume tut n: May 31, 2020, and 2019, respectively. Fast Delivery roported the followeng on its balance sheet (adapted and in milions of US dolorst E (Click the licon to view the balance sheet information.) During the year ended May 31, 2020, Fast Delvery earned service revenue and collected cash from customers Assume bod dett expense for the year was $380 milion and that Fast Delivery wrote off uncollectible receivables Requirements Before preparing the T-accounts, record the joumal entries for the transactions of Fast Delivery for the year ended May 31, 2020 Requirement 2. Jounalize the transactions of Fast Doivery 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, $37,958 milion Journal Entry Accounts Debit Credit Date Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer Clear All 11 parts remaining Ohline Assignment, Chapter 4 & 5 Score: 0 of 8 pts Save 3 of 5 (0 complete) P4-37A (similar to) HW Score: 0%, 0 of 35 p Fast Delivery Corporation sels its services for cash and on accourt By seling on credit, Fast Delvery cannot expect to colect 100% of its accounts receivable Assume that at May 31, 2020, and 2019, respectively, Fast Delivery reported the following on its balance sheet (adapted and in milions of US dollars) E (Click the icon to view the balance sheet information.) Question Help v C DCng the year ended May 31,. 2020, Fast Delvery earned servce revenue and collected cash trom customers Assume bad dett expense for the year was $380 miion and that Fast Delivery wrote off uncollectible receivables d Reaurements Before preparing the T-accounts, recor Balance sheet information Requirement 2. Journalize the transa are not required.) amounts in millions. Explanations a. Service revenue on account, $37,95 May 31 2020 2019 Accounts receivable 24 4,477 4073 Date Ac Less Allowance for uncolecnbles (151) (131) Accounts receivable, net 4,326 3,942 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer 11 parts remaining Clear All II gmcnt, Ciidpler 4 & 5 Score: 0 of 8 pts 3 of 5 (0 complete) HW Score: 0%, 0 of 35 pts P4-37A (similar to) Ouestion Help Y Fast Delivery Corporation sels its n May 31. 2020, and 2019, respect e Requirements unts recetvable Assume that ot A (Click the icon to view the During the year ended May 31, 20 thet Fast Delivery wrote off uncoll - X he year was $380 mion and O Becuirgnents 1. Prepare T-accounts for Accourts Recervable andAlowance tor Uncolectblen, and insert the May 31,2019, balances as given 2. Journalize the folowing assumed tronsactions of Fast Delivery tor the year ended May31 2020 Explanatons are not requred a. Servce revenue on accourt. $37.958 milion Before preparing the T-accounts, Requirement 2. Journaize the tra are not required.) unts in millions Explanations b. Collections on account, $37.15t million c. Bad debt expense, $380 milion d. Write-ofts of uncollectible accoures recevable, $363 millon a. Service revenue on account. $3 e. Recovered an accounts receivable, $3 milion f. On May 1, Fast Delivery recenved a bwo-month, 5%, 40 mikon note recervatile from one of its large customers in exchange for the customers past due dccourt Fast Delvery made the proper year-end adusting entry for the interest on this note 3. Postyour ertmes to the Accoures Receivable ond the Allovvanco for Uncollectbies T-accounts Date 4. Compute the ending balances for the bwo Taccounts, and compare your balances to he actual May 31, 2020, amourts They should be the same 5. Show what Fast Debvory would report on its ncome stotemert for he year endad May 31, 2020 6. Recommend several ways for Fast Delivery to improve cash colections from recervables Print Done Choose from any list or enter Check Answer Clear All 11 parts remaining DELL COM 204 WU001 nterwnsyeE Homework: Online Assignment, Chapter 4 & 5 varinderjeet kaur 06/11/21 222 PM ori Score: 0 of 8 pts Save 3 of 5 (0 complete) HW Score: 0%, 0 of 35 pts P4-37A (similar to) Question Help v O Fast Delivery Corporation sells its servces for cash and on account By seling on credit, Fast Delvery cannot expect to colect 100% of its accourts recevatie Assume tut n: May 31, 2020, and 2019, respectively. Fast Delivery roported the followeng on its balance sheet (adapted and in milions of US dolorst E (Click the licon to view the balance sheet information.) During the year ended May 31, 2020, Fast Delvery earned service revenue and collected cash from customers Assume bod dett expense for the year was $380 milion and that Fast Delivery wrote off uncollectible receivables Requirements Before preparing the T-accounts, record the joumal entries for the transactions of Fast Delivery for the year ended May 31, 2020 Requirement 2. Jounalize the transactions of Fast Doivery 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, $37,958 milion Journal Entry Accounts Debit Credit Date Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer Clear All 11 parts remaining Ohline Assignment, Chapter 4 & 5 Score: 0 of 8 pts Save 3 of 5 (0 complete) P4-37A (similar to) HW Score: 0%, 0 of 35 p Fast Delivery Corporation sels its services for cash and on accourt By seling on credit, Fast Delvery cannot expect to colect 100% of its accounts receivable Assume that at May 31, 2020, and 2019, respectively, Fast Delivery reported the following on its balance sheet (adapted and in milions of US dollars) E (Click the icon to view the balance sheet information.) Question Help v C DCng the year ended May 31,. 2020, Fast Delvery earned servce revenue and collected cash trom customers Assume bad dett expense for the year was $380 miion and that Fast Delivery wrote off uncollectible receivables d Reaurements Before preparing the T-accounts, recor Balance sheet information Requirement 2. Journalize the transa are not required.) amounts in millions. Explanations a. Service revenue on account, $37,95 May 31 2020 2019 Accounts receivable 24 4,477 4073 Date Ac Less Allowance for uncolecnbles (151) (131) Accounts receivable, net 4,326 3,942 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer 11 parts remaining Clear All II gmcnt, Ciidpler 4 & 5 Score: 0 of 8 pts 3 of 5 (0 complete) HW Score: 0%, 0 of 35 pts P4-37A (similar to) Ouestion Help Y Fast Delivery Corporation sels its n May 31. 2020, and 2019, respect e Requirements unts recetvable Assume that ot A (Click the icon to view the During the year ended May 31, 20 thet Fast Delivery wrote off uncoll - X he year was $380 mion and O Becuirgnents 1. Prepare T-accounts for Accourts Recervable andAlowance tor Uncolectblen, and insert the May 31,2019, balances as given 2. Journalize the folowing assumed tronsactions of Fast Delivery tor the year ended May31 2020 Explanatons are not requred a. Servce revenue on accourt. $37.958 milion Before preparing the T-accounts, Requirement 2. Journaize the tra are not required.) unts in millions Explanations b. Collections on account, $37.15t million c. Bad debt expense, $380 milion d. Write-ofts of uncollectible accoures recevable, $363 millon a. Service revenue on account. $3 e. Recovered an accounts receivable, $3 milion f. On May 1, Fast Delivery recenved a bwo-month, 5%, 40 mikon note recervatile from one of its large customers in exchange for the customers past due dccourt Fast Delvery made the proper year-end adusting entry for the interest on this note 3. Postyour ertmes to the Accoures Receivable ond the Allovvanco for Uncollectbies T-accounts Date 4. Compute the ending balances for the bwo Taccounts, and compare your balances to he actual May 31, 2020, amourts They should be the same 5. Show what Fast Debvory would report on its ncome stotemert for he year endad May 31, 2020 6. Recommend several ways for Fast Delivery to improve cash colections from recervables Print Done Choose from any list or enter Check Answer Clear All 11 parts remaining DELL

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