Slick Running Shoes reports the following: A (Click the icon to view the transaction information.) Journalize all entries required for Slick Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 4, 2018: Recorded credit card sales of $100,000, net of processor fee of 1%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit 2018 More Info Feb. 1 2018 Feb. 1 Recorded Continental Express credit card sales of $100,000, net of processor fee of 1%. Ignore Cost of Goods Sold. 15 Recorded TrueValue credit card sales of $86,000. Processor charges a 3.5% fee. TrueValue charges the fee at the end of the month, therefore Slick uses the gross method for these credit card sales. Ignore Cost of Goods Sold. 28 TrueValue collected the fees for the month of February. Assume the February 15 transaction is the only TrueValue credit card sale. Print Done On June 1, 2018, Sharp Performance Cell Phones sold $23,000 of merchandise to Alright Trucking Company on account. Alright fell on hard times and on July 15 paid only $8,500 of the account receivable. After repeated attempts to collect, Sharp Performance finally wrote off its accounts receivable from Alright on September 5. Six months later, March 5, 2019, Sharp Performance received Alright's check for $14,500 with a note apologizing for the late payment. Read the requirements. Requirement 1. Journalize the transactions for Sharp 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: Sharp Performance Cell Phones sold $23,000 of merchandise to Alright Trucking Company on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit Requirements Jun. 1 1. Journalize the transactions for Sharp Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Sharp Performance will encounter when using the direct write-off method? Print Done