Exercise 7-5A Analyzing financial statement effects of accounting for uncollectible accounts using the p LO 7-1 Grover uses the method to for uncolleatible aooounts expense Grower ino experienced the following four accounting events in 2016 1. Recognized $88,000 of revenue on account 2. Collected $82,000 cash from accounts receivable. 3. Wrote off unoollectible accounts of 4. Recognized expense. Grover estimated that unoolleotible accounts expense will percent of sales on account. Required a. the of each event on the elements of the financial statements, using a horizontal statements model the here, for decrease, NA inthe flow column, indicate whether the item is an operating activity (OA), investing activity (A), or financing activity or not affected (NA). The first transaction is entered as an example. Effect of Events on the Financial sintements Income statement Balance Sheet Stockholders Revenue Expense income NA