QUESTION 28 Assuming Blue Bird has a $1,000 credit balance in the Allowance for doubtful accounts, the act of writing off an uncollectible account receivable of $400 the following effect on total current assets and net income for the period: Have no effect on current assets and reduce net income Reduce both current assets and net income Have no effect on either total current assets or net income Have no effect on net income and reduce current assets QUESTION 29 Blue Bird recelved and accepted a $1,000, 60 day, 12 percent note on Aprilts in payment of an account receivable. Blue Bird should expect a check the note and interest on June 14, in the amount of: $1,000 $1,120 5980 $1,020 QUESTION 30