When the allowance method of recognizing doubtful accounts is used, the entry to record the write off of an account receivable would Increase the allowance for doubtful accounts. Decrease net income. Have no effect on the allowance for doubtful accounts. Have no effect on net assets On June 30,201, Chelsea Inc. sold merchandise for $1,500 on credit terms 2/10,n/30. Chelsea accounts for sales discounts using the net method. If the customer pays the balance in full on July 18,201, Chelsea's entry would include a None of these are correct. Credit to Sales Discount Lost for $30. Debit to Accounts Receivable for $30. Debit to Cash for $1,470 Credit to Accounts Receivable for $1,500