Determining Financial Statement Effects of Write-offs and Recoveries Prior to recording the following, Elite Electronics, Inc. had a credit balance of $3, 900 in its Allowance for Doubtful Accounts. a. On August 31, a customer balance for $490 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $490 written 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. (Enter any decreases to account balances with a minus sign.)