On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $74,600 and $3,700, respectively. During Year 2, Kincaid reported $208,000 of credit sales, wrote off $2,000 of receivables as uncollectible, and collected cash from receivables amounting to $258,900, Kincaid estimates that it will be unable to collect one percent (1%) of credit sales Which of the following describes the effects of writing off the uncollectible accounts? Multiple Choice Decrease assets and stockholders' equity Increase assets and decrease stockholders' equity Does not affect assets or stockholders' equity O Increase assets and stockholders' equity be