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CH 8 : Q 5 Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $ 2 , 6 0 0 in
CH: Q
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $ in its Allowance for Doubtful Accounts.
A: On August a customer balance for $ from a prior year was determined to be uncollectible and was written off.
B: On December the customer balance for $ written off on August was collected in full.
For each transaction listed above, indicate the amount and direction or of effects on the financial statement accounts and on the overall accounting equation. Hint: On December th first reinstate the Accounts receivable and then record the collection of cash. Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.
PLEASE HOW EACH STEP WHILE KEEPING THE WORK EASY TO FOLLOW. SO I CAN LOOK AT THE ANSWERS AND LEARN HOW TO DO IT MYSELF.
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