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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 104.4C
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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
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.
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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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