40 Prior to recording the following. Elite Electronics, Inc., had a credit balance of $3,700 in...

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40 Prior to recording the following. Elite Electronics, Inc., had a credit balance of $3,700 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $470 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $470 witten off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+ for increase,- for decrease) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter any decreases to Assets, Linbilities, or Stockholders Equity with a minus sign.) Assets Liabilities i Stockholders' Equity 1) b(2) 40 Prior to recording the following. Elite Electronics, Inc., had a credit balance of $3,700 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $470 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $470 witten off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+ for increase,- for decrease) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter any decreases to Assets, Linbilities, or Stockholders Equity with a minus sign.) Assets Liabilities i Stockholders' Equity 1) b(2)