Question 37 1 pts On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $72,400 and $3,200, respectively. During the year Kincaid reported $197,000 of credit sales. Kincaid wrote off $1,850 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $239,900. 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 will: increase total assets and stockholders' equity. increase total assets and decrease stockholders' equity, decrease total assets and stockholders' equity. O not affect total assets or stockholders' equity. D Question 38 1 pts On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31.000 and $500, respectively. During the year, Kincaid reported $72,500 of credit sales. Kincaid also wrote off $550 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry required to recognize the uncollectible accounts expense for Year 2 will: increase total assets and retained earnings. decrease total assets and increase retained earnings. O decrease total assets and net income. O increase total assets and decrease net income