Identify the impact(s) of the following event on the accounting equation from the named company's point of view by checking all applicable responses for the transaction (mark at least 2 responses for each transaction, unless the correct response is "No entry"):

Event: Armstrong had, during the current period, written off uncollectible accounts in an amount that exceeded its Allowance balance; Armstrong is now recording the adjusting entry for bad debts at the end of the period.

Assets UPAssets UP Assets DOWNAssets DOWN Liabilities UPLiabilities UP Liabilities DOWNLiabilities DOWN Equity UPEquity UP Equity DOWNEquity DOWN No entryNo entry