On June 1, 2018, High Performance Cell Phones sold $ 25 comma 000 of merchandise to Ackerman Trucking Company on account. Ackerman fell on hard times and on July 15 paid only $ 6 comma 500 of the account receivable. After repeated attempts to collect, High Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months later, March 5, 2019, High Performance received Ackerman's check for $ 18 comma 500 with a note apologizing for the late payment. Read the requirementsLOADING Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold.

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For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

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