On December 29 of the current year, a company concluded that a customer's $4, 300 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? Increase in net income; no effect on total assets Decrease in net income; decrease in total assets No effect on net income; no effect on total assets No effect on net income; decrease in total assets Decrease in net income; no effect on total assets