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xxMikexx [17]
3 years ago
5

On June ​1, 2018​, High Performance Cell Phones sold $ 25 comma 000 of merchandise to Ackerman Trucking Company on account. Acke

rman fell on hard times and on July 15 paid only $ 6 comma 500 of the account receivable. After repeated attempts to​ collect, High Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months​ later, March ​5, 2019​, High Performance received Ackerman's check for $ 18 comma 500 with a note apologizing for the late payment. Read the requirementsLOADING.... Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct​ write-off method. Ignore Cost of Goods Sold.
Business
1 answer:
Aleks04 [339]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

On June 1

Anthony Trucking Company   $25,000

  To  Merchandise   $25,000

(Being the sale of merchandise is recorded)

On July 15

Cash  Dr $6,000

   To Account Receivable   $6,000

(Being the cash received is recorded)

On September 5

Bad debt Expense  $18,000

      To Account Receivable Expense  $18,000

(Being the bad debt expense is recorded)

On March 5

Cash  $18,000

     To Account Receivable  $18,000

(Being the cash received is recorded)

Only these journal entries are required

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a. debit to Paid-In Capital From Treasury Stock of $155,000

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<h3 /><h3>What is journal entry?</h3>

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