Question 6 Not yet answered Marked out of 1.00 P Flag question A firm, using the allowance method of recording credit losses, wrote off a customer's account in the amount of $500. Later, the customer paid the account. The firm reinstated the account by means of a journal entry and then recorded the collection. What is the result of these procedures? Select one: O Has no effect on total assets Increases total assets by $500 o Decreases total assets by $1,000 O Decreases total assets by $500