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E8-5 (Static) Determining Financial Statement Effects of Write-Offs and Recoveries [LO 8-2] Prior to recording...

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E8-5 (Static) 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 $2,000 in its Allowance for Doubtiul Accounts a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off. b On December 15 , the customer balance for $300 witten off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (t or - ) of effects on the financial statement accounts and on the overail accounting equation. Hint On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter ony decreoses to Assets, Liabilities, or Stockholders Equity with a minus sign.)

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