E8-5 Determining Financial Statement Effects of Write-Offs and Recoveries (LO 8-2] Prior to recording the following. Elite Electronics, Inc., had a credit balance of $3,600 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $460 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $460 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. 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.) Stockholde Assets Liabilities b(1) b(2) Homework 1 Help Save & E che acts of Write-offs and Recoveries (LO 8-2] iad a credit balance of $3,600 in its Allowance for Doubtful Accounts. srior year was determined to be uncollectible and was written off. itten off on August 31 was collected in full. and direction (+ for increase, - for decrease) of effects on the financial ation. Hint: On December 15th, first reinstate the Accounts receivable and then Assets, Liabilities, or Stockholders Equity with a minus sign.) Liabilities Stockholders' Equity 6 of 12 : Next > E8-5 Determining Financial Statement Effects of Write-Offs and Recoveries (LO 8-2] Prior to recording the following, Elite Electronics, Inc., had a credit balance of $3,600 in its Allowance for Doubtful Accounts. a. On August 31, a customer balance for $460 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $460 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. 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 + + Stockholde (1) "RU. U woogie AMLA formatting n tupy/web.archive Homework Help Save & Exit Su Check my we ial Statement Effects of Write-Offs and Recoveries (LO 8-2] Elite Electronics, Inc., had a credit balance of $3,600 in its Allowance for Doubtful Accounts. ance for $460 from a prior year was determined to be uncollectible and was written off. ir balance for $460 written off on August 31 was collected in full. , indicate the amount and direction (+ for increase. - for decrease) of effects on the financial werall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then iter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Liabilities Stockholders' Equity