Also journal is the collection from Avery.

This Test: 100 pts possible Question Help On June 1, 2024, Perfect Performance Cell Phones sold $25,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July 15 paid only $8,500 of the account receivable. After repeated attempts to collect, Perfect Performance finally wrote off its accounts receivable from Avery on September 5. Six months later, March 5, 2025, Perfect Performance received Avery's check for $16,500 with a note apologizing for the late payment. Read the requirements. Requirement 1. Joumalize the transactions for Perfect 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: Perfect Performance Cell Phones sold $25,000 of merchandise to Avery Trucking Company on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit Jun. 1 Accounts Receivable-Avery Trucking Company 25,000 Sales Revenue 25,000 July 15: Avery paid $8,500 of the account receivable. i Requirements = X Date Accounts and Explanation Debit Credit Jul. 15 Cash Accounts Receivable-Avery Trucking Company 1. Journalize the transactions for Perfect Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Perfect Performance will encounter when using the direct write-off method? Print Done September 5: Perfect Performance wrote off its accounts receivable from Avery. Date Accounts and Explanation Debit Credit Sep. 5 Bad Debts Expense Accounts Receivable-Avery Trucking Company March 5, Perfect Performance received Avery's check for $16,500 with a note apologizing for the late payment. First journalize the reinstatement of Avery's accounts receivable. (Do not journalize the collection. We will do that in the next step.) Date Accounts and Explanation Debit Credit ? Choose from any list or enter any number in the input fields and then continue to the next question. Connecting.. MacBook Air