of merchandise to Alright Trucking Company on account Alright fell on hard times and on July 15 paid only $6,00 off its accounts receivable from Alright on September 5. Six months later. March 5, 202 payment the account receivable. After repeated attempts to collect, High Performance finally High Performance received Alright's check for $12,000 with a note apologizing for t Read the requirements Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct write-off method Ignore Cost of Goods Sold (Record debits first, then, credes S the explanation on the last line of the journal entry table) June 1: High Performance Cell Phones sold $18,000 of merchandise to Alright Trucking Company on account Ignore Cost of Goods Sold Date Accounts and Explanation Credit Jun 1 Debit
of merchandise to Alright Trucking Company on account Alright fell on hard times and on July 15 paid only $6,00 off its accounts receivable from Alright on September 5. Six months later. March 5, 202 payment the account receivable. After repeated attempts to collect, High Performance finally High Performance received Alright's check for $12,000 with a note apologizing for t Read the requirements Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct write-off method Ignore Cost of Goods Sold (Record debits first, then, credes S the explanation on the last line of the journal entry table) June 1: High Performance Cell Phones sold $18,000 of merchandise to Alright Trucking Company on account Ignore Cost of Goods Sold Date Accounts and Explanation Credit Jun 1 Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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please provide correct and complete answer in text form with narration explanation calculation formula
Transcribed Image Text:On June 1, 2024. High Performance Cell Phones sold $18,000 of merchandise to Alright Trucking Company on account Alright fell on hard times and on July 15 paid only $6,000 of
the account receivable. After repeated attempts to collect, High Performance finally wrote off its accounts receivable from Alright on September 5. Six months later. March 5, 2025
High Performance received Alright's check for $12,000 with a note apologizing for the late payment
Read the requirements
Requirement 1. Journalize the transactions for High 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. High Performance Cell Phones sold $18,000 of merchandise to Alright Trucking Company on account Ignore Cost of Goods Sold
Accounts and Explanation
Debit
Credit
Date
Jun 1
4
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