E8-4 recording 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. required: prepare journal entries for each transaction. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) 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.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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