Homework: Week Five: Chapter 8: Exercises Save Score: 0 of 1 pt 1 7 of 8 (0 complete) HW Score: 0%, 0 of 8 pts E9-16 (similar to) s Question Help O On June 1. Peak Performance Cell Phones sold $19.000 of merchandise to Adam Trucking Company on account. Adam fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Peak Performance finally wrote off its accounts receivable from Adam on September 5. Six months later, March 5, Peak Performance received Adam's check for $14,000 with a note apologizing for the late payment. Read the requirements Requirement 1. Journalize the transactions for Peak 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: Peak Performance Cell Phones sold $19,000 of merchandise to Adam Trucking Company on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit Jun. 1 Requirements Journalize the transactions for Peak Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. 2. What are some limitations that Peak Performance will encounter when using the direct write-off method? Print Done