Accounts receivable accounts for specific customers are important because they show How much each customer purchases? How much each customer has paid? How much each customer still owes? The basis for sending bills to customers . All of these Which accounting principle requires reporting expenses in the same period as the sales they helped to produce? Materiality . Going concern Matching Cost Business entity If the balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in No effect on the expenses of the current period A reduction in current assets A reduction in owner's equity An increase in the expenses of the current period A reduction in current liabilities 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? No effect on net income or on total assets 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