State the Effect on Net Income of Each of the Following

question 2

Essay

State the effect on net income of each of the following independent transactions. State your answer as: increase, decrease, or no effect.
$$\begin{array} { | c | c | } \hline { \text { Transaction } } & \begin{array} { c } \text { Effect on Net } \\\text { Income }\end{array} \\\hline \text { 1. Prepare adjusting entry for uncollectible } & \\\text { accounts. } & \\\hline \text { 2. Write-off a customer's account. } & \\\hline \text { 3. Reinstate a customer's account and } & \\\text { collect the balance due. } & \\\hline\end{array}$$

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Definitions:

Employers

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Aggregate Supply Curve

A visual diagram illustrating the overall amount of products and services that suppliers can and are ready to offer across varying price points within an economy.

Floods

Natural disasters characterized by an overflow of water onto land that is normally dry, often causing widespread damage.

Farm Output

The total quantity of agricultural products produced by a farm over a specific period.