Problems 18 Accounts receivable entries LO1,2,3 During the 2015-16 financial year CE Electronics entered into the following transactions: Sales on account Collections of credit sales Write off accounts deemed uncollectible Received payments on accounts previously written off $1 400000 1 225000 20000 7 500 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 uncollectible