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for Accounts Receivable and Allowance for Uncollectibles, and insert the May 31, 20x1, balances as given. Post your entries .lowance for Uncollectibles T-accounts. Compute the ending balances for Accounts Receivable and Allowance for ot used in the T-account, leave the input field empty; do not select a label or enter a zero. Make sure to use next of the T-account when entering your transactions. Enter amounts in millions as provided to you in the Adapted Balance Sheet Express Mail Corporation sells its services for cash and on account. By selling on credit, Express Mail cannot expect to collect 100% of its accounts receivable. Assume that on May 31, 20X2, and 20X1, respectively, Express Mail reported the following on its Balance Sheet (adapted and in millions of US dollars): During the year ended May 31,20X2, Express Mail earned service revenue and collected cash from customers. Assume bad debt expense for the year was $378 million, and Express Mail wrote off uncollectible receivables. Read the requirements. 1. Journalize the following assumed transactions of Express Mail for the year ended May 31, 20X2. Explanations are not required. a. Service revenue on account, $37,954 million b. Collections on account, $37,313 million c. Bad debt expense, $378 million d. Write-offs of uncollectible accounts receivable, $201 million e. Recovered an accounts receivable, $2.3 million f. On May 1, Express Mail received a 2-month, 7%,$47 million note receivable from one of its large customers in exchange for the customer's past-due account. Express Mail made the proper year-end adjusting entry for the interest on this note. g. The May 31 year-end bank statement reported $0.9 million of nonsufficient funds (NSF) cheques from customers. 2. Prepare T-accounts for Accounts Receivable and Allowance for Uncollectibles, and insert the May 31, 20X1, balances as given. Post your entries to the Accounts Receivable and the Allowance for Uncollectibles T-accounts. Compute the ending balances for Accounts Receivable and Allowance for Uncollectibles. 3. Compare the ending balances for Accounts Receivable and Allowance for Uncollectibles to the actual May 31, 20X2, amounts. 4. How much does the company expect to collect from its customers after May 31, 20X2? 5. Show what Express Mail would report on its income statement for the year ended May 31, 20X2. 6. Recommend several ways for Express Mail to improve cash collections from receivables

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