On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70.400 and $2.800, respectively. During the year Kincaid reported $187000 of credit sales. Kincaid wrote off $1700 of receivables as uncollectible in Year 2, Cash collections of receivables amounted to $222,300 Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry to recognize the write-off of the uncollectible accounts wil: Multiple Choice decrease total assets and total equity not affect totbl assess or total eouity increose totai ossets and tosal/lecuny