On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? No effect on net income, no effect on total assets No effect on net income decrease in total assets. 0 Increase in net income, no effect on total assets Decrease in net income: decrease in total assets Decrease in net income, no effect on total assets