3 points TB 08-64 During the current year, TechCom concluded t... During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is used to account for bad debts? Multiple Choice No effect on net income or on total assets Decrease in net income; no effect on total assets 3 No effect on net income or on total assets points Decrease in net income; no effect on total assets Decrease in net income; decrease in total assets Increase in net income; no effect on total assets No effect on net income; decrease in total assets Saved 4 Interest on $8,400 at 7% for 60 days is 1 points Multiple Choice $36.45 $41.42 $52.65 1 4 points $36.45 $41.42 $52.65 $65.25 $96.66 Saved