E8-5 (Algo) Determining Financial Statement Effects of Write-Offs and Recoveries [LO 8-2] Prior to recording the following, Elite Electronics, Incorporated, 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 written off on August 31 was collected in full. Required: 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 15th, 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.) Assets Liabilities a. a. b(1) b(1) b(2) b(2) . help Save & Exit Submit Stockholders' Equity