E8-5 determining financial statement effects of write-offs and recoveries [lo 8-2] prior to recording the following, elite electronics, inc., had a credit balance of $2,200 in its allowance for doubtful accounts. on august 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. on december 15, the customer balance for $320 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 assets, liabilities, or stockholders equity with a minus sign.)