On June 1,2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July 15 paid only $4,000 of the account receivable. After repeated attempts to collect, Puritan Performance finally wrote off its accounts receivable from Avery on September 5. Six months later, March 5, 2025, Puritan Performance received Avery's check for $19,000 with a note apologizing for the late payment. Requirement 1. Journalize the transactions for Puritan 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: Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Ignore Cost of Goods Sold.
On June 1,2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July 15 paid only $4,000 of the account receivable. After repeated attempts to collect, Puritan Performance finally wrote off its accounts receivable from Avery on September 5. Six months later, March 5, 2025, Puritan Performance received Avery's check for $19,000 with a note apologizing for the late payment. Requirement 1. Journalize the transactions for Puritan 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: Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Ignore Cost of Goods Sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 1,2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July 15 paid only $4,000 of the account receivable. After repeated attempts to collect, Puritan Performance finally wrote off its accounts receivable from Avery on September 5. Six months later, March 5, 2025, Puritan Performance received Avery's check for $19,000 with a note apologizing for the late payment.
Requirement 1. Journalize the transactions for Puritan 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: Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company
on account. Ignore Cost of Goods Sold.
Transcribed Image Text:chapter 8 Homework Problems
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On June 1, 2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July
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June 1: Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Ignore Cost of Goods Sold.
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