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On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment. Read the requirements. Requirement 1. Journalize the transactions for Best Performance Cell Phones using the direct write-off methou. Ignore Cost of Goods Sold. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table) June 1: Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account Ionore Cost of Goods Sold Date Accounts and Explanation Debit Credit Jun 1 July 15: Anthony paid $5,000 of the account receivable. Date Accounts and Explanation Debit Credit Jul 15 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later 2 of On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on Jul paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on Septen Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment Read the requirements July 15: Anthony paid $5,000 of the account receivable. Date Accounts and Explanation Credi Jul. 15 September 5: Best Performance wrote off its accounts receivable from Anthony Date Accounts and Explanation Debit Credit Sep. 5 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment. Read the requirements March 5, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment. First journalize the reinstatement of Anthony's accounts receivable. (Do not joumalize the collection. We will do that in the next step.) Date Accounts and Explanation Debit Credit Mar. 5 Now joumalize the collection from Anthony. Date Accounts and Explanation Credit Mar. 5 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote of its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note potring for the late payment. Read the requirements Now joumalize the collection from Anthony Date Accounts and Explanation Credit Mar. 5 Requirement 2. What are some limitations that Best Performance will encounter when using the direct write-off method? O A. Best Performance will encounter limitations with the direct write-off method because it will result in understating profits and net assets every year the method is used. O B. Best Performance will encounter limitations with the direct write-off method because it is complicated and very costly to implement. O C. Best Performance will encounter limitations with the direct write-off method because it violates the matching principle. The matching principle requires that the expense of uncollectible accounts be matched with the related revenue. OD. Best Performance will not encounter any limitations with the direct write-off method because it adheres to the matching principle by matching the expense of uncollectible accounts with the related revenue. Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony eivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receiv est Performance received Anthony's check for $16,000 with a note apologizing for the late payme nsactions for Best Performance Cell Phones using the direct write-off method. Ignore Cost of God he last line of the journal entry table.) ones i Requirements unts a - X GOO 1. Journalize the transactions for Best Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Best Performance will encounter when using the direct write-off method? the acce Print Done punts are expranatum DEUTE CLUT June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony TI only $5,000 of the account receivable. After repeated attempts to collect, Best Performai months later, March 5, 2019, Best Performance received Anthony's check for $16,000 wit d the requirements. quirement 1. Journalize the transactions for Best Performance Cell Phones using the dire Bits. Select the explanation on the last line of the journal entry table.) ne 1: Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Coi Date Accounts and Explanation Debit Jun. 1 Accounts Receivable-Anthony Trucking Company Allowance for Bad Debts Bad Debts Expense Cash uly 15: Ant Sales Revenue Date Accounts and Explanation Jul. 15 Debit Cred Choose from any list or enter any number in the input fields and then continue to the next Save for Later On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Tru paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performanc Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with Read the requirements. Requirement 1. Journalize the transactions for Best Performance Cell Phones using the direct credits. Select the explanation on the last line of the journal entry table.) June 1: Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Com Date Accounts and Explanation Debit Cred Jun. 1 Debit Credi July 15: Ant Collected cash on account. Date Recorded bad debts expense for the period. Jul. 15 Reinstated previously written off account. Sold goods on account. Wrote off uncollectible accounts. Choose from any list or enter any number in the input fields and then continue to the next a Save for Later