ezto.mheducation.com/hm.tpx KQuestion 6 (of 9) value 10.00 points Prior to recor

Question

ezto.mheducation.com/hm.tpx KQuestion 6 (of 9) value 10.00 points Prior to recording the following, Elite Electronics, Inc. had a credit balance of $4,000 in its Allowance for a. On August 31, a customer balance for $500 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $500 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 account balances with a minus sign.) Stockholders' Equity b(2)

Explanation / Answer

Assets = Liabilities Stockholder equity a Allowance for Doubtfull account 500 Accounts Receivable -500 b1 Accounts Receivable 500 Allowance for Doubtfull account -500 b2 Cash 500 Accounts Receivable -500

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