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On October 12 of the current year, a company determined that a customer's account receivable...

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Accounting

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On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? Multiple Choice No effect on net income; no effect on total assets. Decrease in net income, no effect on total assets. Decrease in net income; decrease in total assets No effect on net income; decrease in total assets

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