Transaction Analysis. For the following transaction, indicate the direction of the effect (increase, decrease or no effect) on the elements of the balance sheet and Income Statement. Fill in each blank with "Increase", "Decrease", or "No Effect". (Don't leave any blank empty. I interpret empty blanks as you don't know the answer.) Transaction: During the year, bad debts are written off in the amount of $1,800. Net Income Assets Liabilities