The opening provision for doubtful debts was 2600 and the closing provision for doubtful debts is 2100. What will be the effect (on profits and assets) of the provision for doubtful debts adjusting entry? a. Reduction in profits of 500 and an increase in assets of 500. b. Increase in profits of 500 and a reduction in assets of 500. c. Reduction in profits of 500 and a reduction in assets of 500. d. Increase in profits of 500 and an increase in assets of 500