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[ LO 5 ] What is the effect on the financial statements of writing off an uncollectible No net effect account under the direct write

[

5]

What is the effect on the financial statements of writing off an uncollectible

No net effect

account under the direct write

-

off method?

Decreases net income and decreases assets

Decreases assets and increases equity

Increases expenses and decreases liabilities

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