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Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,000 in...

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Accounting

image Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,000 in its Allowance for Doubtful 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 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.)

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