During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is used to account for bad debts? Multiple Choice O No effect on net income or on total assets Decrease in net income; no effect on total assets 3 points O No effect on net income or on total assets Decrease in net income; no effect on total assets Decrease in net income; decrease in total assets Increase in net income; no effect on total assets No effect on net income; decrease in total assets