On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible Loudoun uses the allowance method. On February 15, Year 2 one of Loudoun's customers failed to pay his $1,050 account and the account was written off On April 4, Year 2, this customer paid Loudoun the $1,050 Which of the following correctly states the effect of Loudoun Corporation's February Year 2 entry to write off the customer's account Balance Sheet Income Statement b. 4636 Assets Liabilities + Accounts Stockholders' Equity Common Retained Statement of Cash Cash NA +et Realizable Value - Payable 4 Stock earnings Revenue 1,050 (1,050) NA + NA NA NA -Expenses- NA Net Income Flows NA NA NA (1,050) NA NA (1,050) (1,050) NA (1,050) NA NA (1,050) (1,050) NA NA NA NA NA NA NA 1,050 (1,050) 1,050 + (1,050) NA NA 1,050 (1,050) NA Mug Chec Option A Option Opton C