During the current year, Sheridan Co. determined that Marigold's $3800 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? decrease in net income and no effect on total assets O decrease in net income and decrease in total assets O no effect on net income and decrease in total assets O no effect on net income and no effect on total assets Save for Later Attempts: 0 of 1 used Submit