How does this entry affect the accounting equation? If a financial statement item is not affected,...

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How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. If a contra account is decreased, it will have the effect of increasing the corresponding financial statement item. Balance Sheet Assets Liabilities Allowance for Doubtful Accounts 41,600 X No Entry Income Statement Stockholders' Equity Net Revenues Expenses Income 41,600 X No Entry Bad Debts Expense 0X 41,600 X How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. If a contra account is decreased, it will have the effect of increasing the corresponding financial statement item. Balance Sheet Assets Liabilities Allowance for Doubtful Accounts 41,600 X No Entry Income Statement Stockholders' Equity Net Revenues Expenses Income 41,600 X No Entry Bad Debts Expense 0X 41,600 X