Question: During 2012, CE Electronics entered into the follow On its 2011 balance sheet, CE reported gross accounts receivable of $707,000 and an allowance account of

During 2012, CE Electronics entered into the follow

On its 2011 balance sheet, CE reported gross accounts receivable of $707,000 and an allowance account of $43,000.
Required
Prepare all journal entries to record each of the transactions that occurred in 2012 and the journal entry to record bad debt expense at the end of 2012, assuming that 7% of accounts receivable at the end of 2012 are uncollectible.

Sales on account Collections of credit sales Wrote off accounts deemed uncollectible Received payments on accounts previously written off $1,400,000 1,225,000 20,000 7,500

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