During 2012, CE Electronics entered into the follow- ing transactions: $1,400,000 1,225,000 20,000 Sales on account...

 

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During 2012, CE Electronics entered into the follow- ing transactions: $1,400,000 1,225,000 20,000 Sales on account Collections of credit sales Wrote off accounts deemed uncollectible Received payments on accounts previously written off 7,500 On its 2011 balance sheet, CE reported gross ac- counts 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. During 2012, CE Electronics entered into the follow- ing transactions: $1,400,000 1,225,000 20,000 Sales on account Collections of credit sales Wrote off accounts deemed uncollectible Received payments on accounts previously written off 7,500 On its 2011 balance sheet, CE reported gross ac- counts 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.