17 The opening provision for doubtful debts was 2600 and the closing provision for doubtful debts is 2100. Which one of the following describes the effect (on profits and assets) of the closing provision for doubtful debts adjusting entry? Hide answer choices Reduction in profits of 500 and an increase in assets of 500. Increase in profits of 500 and an increase in assets of 500. increase in profits of 500 and a reduction in assets of 500. Reduction in profits of 500 and a reduction in assets of 500 0/1