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Question - On June 1, 2018, Peak Performance Cell Phones sold $20,000 of merchandise to Alright Trucking Company Alright Trucking Company on account. Alright fell on hard times and on July 15 paid only $7,500 of the account receivable. After repeated attempts to collect, Peak Performance finally wrote off its accounts receivable from Alright on September 5. Six months later, March 5, 2019, Peak Performance received Alright's check for $12,500 with a note apologizing for the late payment.
1. 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?
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