E9-16 (similar to) :3 Question Help On June 1, Peak Performance Cell Phones sold $22,000 of merchandise to Ashton Trucking Company on account. Ashton fell on hard times and on July 15 paid only $8,000 of the account receivable. After repeated attempts to collect, Peak Performance finally wrote off its accounts receivable from Ashton on September 5. Six months later, March 5, Peak Performance received Ashton's check for $14,000 with a note apologizing for the late payment. Read the requirements Requirement 1. Journalize the transactions for Peak Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) June 1: Peak Performance Cell Phones sold $22,000 of merchandise to Ashton Trucking Company on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit Jun. 1 * Requirements 1. Journalize the transactions for Peak Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Peak Performance will encounter when using the direct write-off method? Print Print Done Choose from any list or enter any number in the input fields and then click Check