3 G Saved [The following information applies to the questions displayed below. On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $76,000 and $4,000, respectively. During Year 2. Kincaid reported $215,000 of credit sales, wrote off $2.100 of receivables as uncollectible, and collected cash from receivables amounting to $271,100. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. 01:37:08 Which of the following describes the effects of Kincaid's entry to recognize the write off of the uncollectible accounts? Multiple Choice O Increase assets and decrease stockholders' equity O Decrease assets and stockholders' equity O Does not affect assets or stockholders' equity O C ) increase assets and stockholders' equity O