On January 1 Year 2 nd Company Accounts Receive and the Allowance for Doubtful Accounts and balances 571000 and $2.500 espectively Dung Ya 2. incareported $190.000 of credit as wrote of 5050 of recevables escole and collected cash to receive amounting to $227700 Kincaid estates that it will be unable to con percent of cada Whatefect wong the cable accounts expense for at have on the coments of the financial statements O On January 1 Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $71000 and $2,900, respectively. During Year 2, Kincaid reported $190,000 of credit sales, wrote off $1.750 of receivables as uncollectible, and collected cash from receivables amounting to $227700 Kincaid estimates that it will be unable to collect one percent (1) of credit sales What effect will recognizing the uncollectible accounts expense for Year 2 have on the elements of the financial statements? Multiple Choice Increase total assets and decrease net income Decrease total assets and net income Decrease total assets and increase read aminos Increase total assets and retained earnings