question 1. Journalize the following transactions of Speedy Mail for the year ended July 31, 2019 (explanations not required): a. Service revenue was $33,500 million, of which 8% is cash and the remainder is on account.
b. Collections from customers on account were $27,721 million.
C. Uncollectible-account expense was 5% of service revenue on account.
d. Write-offs of uncollectible accounts receivable were $1,551 million.
e. On July 1, Speedy Mail received a 2-month, 6%, $600 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.
f. Speedy Mail's July 31, 2019, year-end bank statement reported $52 million of non-sufficient (NSF) checks from customers.
thanks sorry its a long question
1. Journalize the following transactions of Speedy Mail for the year ended July 31 . 2019 (explanations are not required): a. Service revenue was $33,500 million, of which 8% is cash and the remainder is on account. b. Collections from customers on account were $27,721 million. c. Uncollectible-account expense was 5% of service revenue on account. d. Write-offs of uncollectible accounts receivable were $1,551 million. e. On July 1, Speedy Mail received a 2 -month, 6%,$600 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. f. Speedy Mail's July 31, 2019, year-end bank statement reported $52 million of non-sufficient (NSF) checks from customers. More info Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At July 31, 2018, and 2019, respectively, Speedy Mail reported the following on its balance sheet (in millions of dollars): During the year ended July 31, 2019, Speedy Mail earned service revenue and collected cash from customers. Assume uncollectible-account expense for the vear was 5% of senvice revenue on account and that Sneedv Mail wrote off a. Service revenue was $33,500 million, of which 8% is cash and the remainder is on account
