Under the allowance method, the entry to write off an account as uncollectible has the following effect on the financial statements: Select one: Oa. Decreases net income and decreases assets Ob. Decreases assets and decreases equity Oc. Increases expenses and decreases a contra asset Od. Has no effect on net income or net assets The year-end adjusting journal entry to record bad debts has what effect on the following: Total Assets Increase Working Capital Increase O b. Total Assets Increase Working Capital Decrease Oc. Total Assets Decrease: Working Capital Increase O d. Total Assets Decrease Working Capital Decrease Total Assets Working Capital No effect Decrease