E8-5 (Algo) 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 $3,200 in its Allowance for Doubtful Accounts a on August 31, a customer balance for $420 from a prior year was determined to be uncollectible and was written off b On December 15, the customer balance for $420 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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ear to December 31. c. RecRoom receives the principal and interest on the note's maturity date. M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet LO8-2 Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to Accounts Receivable rather than Notes Regeivable. Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Inventories Loans Payable-Current $ 4,827 Long-Term Debt 9,788 Long-Term Notes Receivable 10,963 Notes Receivable-Current 391 Other Current Assets 2,736 Other Current Liabilities 8,781 Other Non-current Assets 7,209 Property, Plant, and Equipment $22,834 15,743 8,731 1,988 14.033 9,105 23,487 Page 393 M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover…

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