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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 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: Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Ignore 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 JUL. 15 Debit Credit 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 September 5: Best Performance wrote off its accounts receivable from Anthony Date Accounts and Explanation Debit Credit Sep. 5 March 5, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment First joumalize the reinstatement of Anthony's accounts receivable. (Do not jumalize the collection. We will do that in the next step.) Date Accounts and Explanation Debit Credit Mar 5 Choose from any list or enter any number in the input fields and then continue to the next question 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 apologizing for the late payment Read the requirements 2 of 4 Now joumalize the collection from Anthony 1 of 2 Date Accounts and Explanation Debi Credit Mar. 5 0 of 2 Requirement 2. What are some limtations that Best Performance will encounter when using the direct write-off method? 2 of 2 O A Best Performance will not encounter any limitations with the direct ette-off method because it adheres to the matching principle by matching the expense of uncollectible accounts with the related revenue B. Best Performance wil encounter limitations with the direct write-off method because it will result in understating profits and not assets every year the method is O 2 of 2 OC. Best Performance wil encounter limitations with the direct write of method because it is complicated and very costy to implement OD. Best Performance wil encounter limitations with the direct write off method because violates the matching principle. The matching principle requires that the van het with the Choose from any list or enter any number in the input fields and then continue to the next question 1 of 2 Save for Later Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard tin account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anth 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late payment. alize the transactions for Best Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. (Recom anation on the last line of the journal entry table.) nce Cell Phones A Requirements - X Goods Sold Accounts a 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? d $5,000 of the acc Print Done Accounts and Explanation Dobit Credit ist or enter any number in the input fields and then continue to the next question On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Tn paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performan 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 Comp Date Accounts and Explanation Debit Credi Jun. 1 Accounts Receivable-Anthony Trucking Company Allowance for Bad Debts Bad Debts Expense Cash July 15: Ant Sales Revenue 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 questi Save for Later On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony True 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 a Read the requirements. Requirement 1. Journalize the transactions for Best Performance Cell Phones using the direct w 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 Compar Date Accounts and Explanation Debit Credit Jun. 1 July 15: Ant Date Debit Credit Jul. 15 Collected cash on account. Recorded bad debts expense for the period. 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 question, Save for Later