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? On June 1, 2018, Sharp Performance Cel Phones sold $23,000 of merchandise to ArmstrongTrucking Company on account: Armstrung fell on hard times and on July 15 paid only 57,00 of the acoount recelvabie. Afer repeated attempts to collect, Sharp Perlormance finally wrote off its accounts recetvable from Armstiong on September 5. Sir months later, March 5 , 2019 Sharp Performance recelved Amtrong's check for $16,000 with a note apologizing for the lase payment. Read the requitements June 1: Sharp Performance Cell Phones sold $23,000 of merchandise to ArmstrongTrucking Company on account. Ignore Cost of Goods Sold. July 15: Ammstrona paid $7.000 of the acoount recelvable. September 5: Sharp Performance wrote off its accounts receivable from Armstrong. March 5, Sharp Performance received Armstrong's check for $16,000 with a note apologizing for the late p First journalize the reinstatement of Armstrong's accounts receivable. (Do not journalize the collection. We March 5, Sharp Performance recelved Armstrong's check for $16,000 with a note apologizing for the late payment. First joumalize the reinstatement of Armstrong's accounts receivable. (Do not journalize the collection. We will do that in Now journalize the collection from Armstrong. Now journalize the collection from Armstrong. Requirement 2. What are some limitations that Sharp Performance will encounter when using the direct write-off method? A. Sharp Performance will encounter limitations with the direct write-off method because it violates the matching principle. T uncollectible accounts be matched with the related revenue. B. Sharp Performance will encounter limitations with the direct write-off method because it will result in understating profits