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On June 1, Perfect Performance Cell Phones sold $19,000 of merchandise to Ashton Trucking Company on account. Ashton fell on hard times and on July
On June 1, Perfect Performance Cell Phones sold $19,000 of merchandise to Ashton Trucking Company on account. Ashton fell on hard times and on July 15 paid only $4,000 of the account receivable. After repeated attempts to collect. Perfect Performance finally wrote off its accounts receivable from Ashton on September 5. Six months later, March 5, Perfect Performance received Ashton's check for $15,000 with a note apologizing for the late payment. Read the requirements. Requirement 1. Journalize the transactions for Perfect 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: Perfect Performance Cell Phones sold $19,000 of merchandise to Ashton Trucking Company on account. Ignore Cost of Goods Sold
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