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3) During the current year, Aqua Systems determined that John Smith's $2,600 account receivable was uncollectible and should be written off. Which of the following
3) During the current year, Aqua Systems determined that John Smith's $2,600 account receivable was uncollectible and should be written off. Which of the following best describes the impact of this write off on the current year's income statement and balance sheet? Select one: a. decrease in net income and decrease in total assets O b. no effect on net income and no effect on total assets c. no effect on net income and decrease in total assets d. decrease in net income and no effect on total assets
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