(4) After many collection attempts, the Company determined on June 15, 2011 that it would not collect $10,000 in accounts receivables from Pendant Publishing. It decided to write-off this account. ' Jun. 15- Ensure the equation stil1 balances and debits-credits Liabilities Assets4 Stockholders' Equity' (5) On July 16, 2011, Pendant Publishing called to say that they have had financial problems but can afford to pay $7,000 to settle their $10,000 debt in full. The company agreed to these terms, and reversed S7,000 of the prior write-off. It received a $7,000 check from Pendant the next day.' Jul. 16-' Jul. 16+ Ensure the equation still balances and debits- credits Liabilities Assets* Stockholders' Equity