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Prepare journal entries to record all transactions

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

Sales on account

$1,400,00

Collections of credit sales

1,225,000

Write off accounts deemed uncollectible

20,000

Received payments on accounts previously written off

7,500

On its 30 June 2016 statement of ?nancial position, 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 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 uncollectible.

Reference no: EM131570757

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