During the 2015-16 financial year CE Electronics entered into the following transactions:

Sales on account	$1400000
Collections of credit sales	1225000
Write off accounts deemed uncollectible	20000
Received payments on accounts previously	7500
written off

On its 30 June 2016 statement of financial position, CE reported gross accounts receivable of $707000 and an allowance account of $43000.

Required

Prepare all journal entries to record each of the transactions that occurred in 2015-16 and the journal entry to record bad debt expense at 30 June 2016, assuming that 7 per cent of accounts receivable at 30 June are uncollectable.

Answer rating: 100% (QA)

General Journal Debit Credit 1 Accounts receivable 1400000 Sales rev... View the full answer